The Chicago Fed combines industry-leading benefits and competitive salaries into a total compensation package. Notable elements include:
Health Benefits
The Bank provides medical, prescription drug, dental and vision benefits. Employees can choose from a variety of health and dental plans, depending on their personal needs. All of our medical plans include prescription drug coverage.
Health and Dependent Care Reimbursement Accounts
These reimbursement accounts allow employees to set aside pre-tax income to help pay for health care not covered by a medical plan or for dependent care for a child or elderly adult.
Family Medical Leave
Eligible employees are covered by the Family and Medical Leave Act.
Retirement Plan
The Bank's retirement plan is fully paid by the Bank and provides 100 percent vesting in the pension benefit after five years of service. Benefits can commence as early as age 55. At retirement, eligible employees receive a benefit based on a percentage of their final average pay and years of service.
Thrift Plan (401K) and Pension
The Thrift Plan, or 401K, allows employees to contribute a percentage of their salary on either a pre-tax or after-tax basis through payroll deductions. New employees are enrolled in the plan at three percent, and the bank matches employee contributions dollar-for-dollar up to six percent of the base pay. The bank also adds an automatic separate contribution of one percent to each employee’s account. The Bank’s pension, or retirement plan, provides income for you when you retire, as early as age 55 with at least five years of service. Free financial planning is also available through Ayco Financial Services.
Life Insurance
The Bank provides generous life insurance benefits as well as an optional group universal life insurance plan. Employees can participate in an optional accident insurance benefit plan. The Bank also offers long-term care insurance, which allows employees to elect insurance coverage to assist with providing custodial care for themselves or an immediate family member.
Time Off
Regular-help, full-time and part-time employees are eligible for vacation time based on job status (exempt or non-exempt) and years of service. We also provide personal time that can be taken on an unplanned basis as sick time or on a planned basis for occasions such as doctors' appointments, parent-teacher conferences or religious holidays that are not federal holidays. We also offer 10 Bank holidays per year: New Year's Day, Martin Luther King, Jr. Day, Presidents Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving and Christmas.
Tuition Assistance
Because continual learning is a priority, employees can receive tuition assistance for specific degree programs. The plan pays 100 percent of tuition and applicable fees, and 50 percent of the cost of books.
Transportation Benefits
Employees can set aside pre-tax dollars to help pay for commuting expenses. This includes public transportation, parking and van-pooling expenses.
Group Legal Plan
The optional group legal plan provides assistance with issues such as real estate closings, wills and tax issues.
Fitness Center
Our fitness center provides weight-training and cardiovascular equipment, and aerobics and general fitness classes.
Employee Assistance Program
The LifeWorks program provides assistance to employees with everyday issues such as child care and elder care referrals, legal matters, taxes and individual counseling.
Subsidized Cafeteria
A subsidized cafeteria is available for meals, snacks and beverages.
Market-Based Salaries
We offer salaries based on what employees earn in average similar positions in private-sector organizations.
Cash Awards
Employees are eligible to receive cash awards and other forms of recognition for outstanding performance.
Business Casual Dress Code
When appropriate, the employee dress code is "business casual."
Social Activities
The Employee Activities Council (EAC) sponsors special events for employees and provides discounts on certain items such as tickets to movies, plays or sporting events.
Employee Referral Bonuses
In certain instances, employees receive bonuses for recommending an acquaintance outside the Bank to fill vacant positions.
Volunteering
The Bank sponsors volunteer activities with organizations like the Greater Chicago Food Depository, WTTW public television and Junior Achievement.
Flex Time
With management approval, some employees take advantage of flexible work schedules.
Work-From-Home Opportunities
With management approval, some employees are able to work from home.
