Benefits
The Federal Reserve Bank of Cleveland combines industry-leading benefits and competitive salaries into a total compensation package. Notable elements include:
Business Casual Dress Code
Most departments have a "business casual" dress code.
Cafeteria
An on-site cafeteria is available for meals, snacks and beverages.
Cash Awards
Employees are eligible to receive cash awards and other forms of recognition for outstanding performance.
Employee Assistance Program
The employee assistance program provides assistance to employees with everyday issues such as child care and elder care referrals, legal matters, taxes and individual counseling.
Employee Referral Bonuses
In certain instances, employees receive bonuses for recommending an acquaintance outside the Bank to fill vacant positions.
Family Medical Leave
Eligible employees are covered by the Family and Medical Leave Act.
Fitness Center
Our fitness center is open 24/7 and provides weight-training and cardiovascular equipment, aerobics and general fitness classes as well as access to a personal trainer.
Flex Time
With management approval, some employees take advantage of flexible work schedules.
Group Legal Plan
The optional group legal plan provides assistance with issues such as real estate closings, wills and tax issues.
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.
Life Insurance
The Bank provides 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.
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.
Market-Based Salaries
We provide provide internally equitable and externally competitive salaries.
Social Activities
The Federal Reserve Club sponsors special events for employees and provides discounts on certain items such as tickets to movies, amusement parks, and sporting events.
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. 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.
Time Off
Regular, 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 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.
Transportation Benefits
Employees can set aside pre-tax dollars to help pay for commuting expenses. This includes public transportation, parking and van-pooling expenses.
Tuition Assistance
Because continual learning is a priority, employees may be eligible to receive tuition assistance for specific degree programs.
Work-From-Home Opportunities
With management approval, some employees are able to work from home.