Additional Benefits Offered by the Boston Fed

Last updated September 2014

We are pleased that you are considering employment with the Federal Reserve Bank of Boston. The Benefits Highlights document pdf explains the benefits that are available to all 12 Federal Reserve Banks. In addition, employees of the Federal Reserve Bank of Boston are entitled to receive certain other benefits.

The additional benefits include:


As you learn more about the local benefits offered through the Federal Reserve Bank of Boston in the descriptions that follow, you will see that the benefits are very competitive with those of top employers across the country.

Domestic Partner Coverage
Qualified domestic partners are covered under medical, dental, vision insurance, personal accident insurance, group life insurance, family and medical leave, bereavement leave, and family sick leave. In order to apply for this benefit, a declaration of domestic partnership must be completed.

Paid Holidays and Vacation
Because the Federal Reserve recognizes the importance of providing time for rest, recreation, and personal activities, our employees receive ten paid holidays each year and a generous vacation allotment.

Holidays
Bank employees receive 10 paid holidays (the Federal holidays) plus 2 floating holidays. Floating holidays are earned on January 1 and June 17 of each year.

Vacation
The amount of vacation employees earn is based on status and length of service up to a maximum of 25 days (200 hours).

Years of Service

Days (Hours) of Vacation

1-4 15 (120 hours)
5-9 17 (136 hours)
10-14 20 (160 hours)
15-19 22 (176 hours)
20+ 25 (200 hours)

*Assistant Vice Presidents and above, irrespective of length of service, receive at least 25 vacation days

Newly hired employees will earn vacation prorated according to the month in which they start, according to the following schedule.  Economists, please ask a recruiter about first year vacation accruals.

Starting Month of Employment

Days (Hours) of Vacation

January 15 (120 hours)
February 14 (112 hours)
March 13 (104 hours)
April 11 (88 hours)
May 10 (80 hours)
June 9 (72 hours)
July 8 (64 hours)
August 6 (48 hours)
September 5 (40 hours)
October 4 (32 hours)
November 3 (24 hours)
December 2 (16 hours)

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Other Paid Time Off
The Bank also allows time off as needed with regard to:

  • Military Leave—The Bank provides benefits to employees serving in the U.S. military, above and beyond those required by law. Employees who are serving in a uniformed military service are given ten days per year as paid military leave to perform military duties. Beyond that, the Bank supplements military pay, i.e. the difference between the employee’s regular salary and his/her military pay, for emergency military leave periods of up to twelve months. Other benefits, such as medical and dental insurance coverage for up to 24 months, are also provided to employees serving in the military during a military emergency.
  • Sick Leave—The Bank's sick leave policy allows employees to receive full pay when absent from work due to illness or injury. Full-time employees accumulate 8 hours of sick leave per month, up to a maximum allowable credit of 1,080 hours. Part-time employees accrue up to 5 hours per month.
  • Family Sick Leave—To assist employees in caring for immediate family members, including parents, spouses, children and qualified domestic partners, the Bank allows the use of accumulated sick leave for family illnesses and medical appointments. Full-time employees may use up to 40 hours per calendar year and part-time employees may use up to 18.75 hours per calendar year.

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Employee Assistance Program (EAP)
To assist employees (or their household members) who may be experiencing difficulties, the Bank contracts with an EAP to provide free and confidential services such as counseling for individuals, couples, adolescents, children or the entire family. The EAP also offers stress management techniques and drug and alcohol abuse counseling with referrals to treatment programs in the employee’s local area. The EAP’s work/life services produce resources listings, print literature and helpful referrals that assist with locating child care, elder care and legal services.

Tuition and Educational Reimbursement
Full-time and part-time employees with at least six months of continuous satisfactory performance may apply for tuition reimbursement. To be eligible for reimbursement, courses must be related to Bank work. All courses that are part of a degree requirement will be eligible for reimbursement, if the degree is related to Bank business and the degree program is from an accredited institution. Each calendar year, undergraduate courses can be reimbursed at 100 percent up to $7,000; graduate courses can be reimbursed at 100 percent up to a maximum of $10,000. Reimbursement is prorated for part-time employees.

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Employee Representative Program
Occasionally, questions and issues may arise that employees feel uncomfortable discussing with their supervisor or department management. The Employee Representative Program provides employees with access to Employee Representatives who are trained to assist them with work-related concerns in a confidential manner.

Parental Leave
Biological and adoptive mothers are eligible for up to 8 weeks of paid parental leave, and biological and adoptive fathers up to 2 weeks of paid parental leave, for the birth or adoption of a child. Additional leave may be paid using accrued leave or unpaid.

Adoption Assistance
Employees who adopt children are eligible for reimbursement of up to $5,000 per year for qualified adoption expenses. This benefit is intended to support employees who choose to have families by adoption, and provides them with a financial benefit similar to that provided under our medical plans for employees who have families by childbirth.

Back-Up Child Care
The Bank provides emergency back-up child care to assist employees who are primary child care providers (whether parents or grandparents) of children 2 months to 13 years of age. The Bank contacts with Bright Horizons Family Solutions at One Financial Center, which is conveniently located across the street from the Bank.

Back-Up Elder/Adult Care
The Bank provides back-up adult in-home care for your spouse/partner, parents, in-laws, adult children or even yourself.

Health and Wellness Center
The Health and Wellness Center retains a full-time Physician Assistant to assist you with any episodic illness or injury, as well as managing any leave cases such as Disability, Workers Compensation or Parental Leave. The Health and Wellness Center also sponsors blood drives, preventive health care programs, urgent care visits, annual flu shots, self-service blood pressure checks, a lactation room for new moms and a variety of health awareness workshops.

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Fitness Center
An in-house Fitness Center is open 7 days a week, 24-hours a day, and is available free of charge to all employees who complete a Fitness Center health screening and program orientation. The center offers a variety or exercise equipment including Stairmasters, Treadmills, Lifecycles, Cybex, Universal and Body Master machines and free-weights. The Center also holds a variety of classes including Step, muscle conditioning, Yoga and more. Lockers and shower facilities are located nearby.

Commuter Program
The Bank offers a transit subsidy of up to $50 per month to offset employees’ public transportation cost. Employees can purchase transit passes or pay for parking expenses on a pre-tax basis up to a maximum of $125 per month for transit and $240 per month for parking. Additional commuting costs beyond these amounts would be deducted on an after-tax basis. The cost is conveniently deducted from employees’ paycheck.

Subsidized Meals
The Bank subsidizes the cost of breakfast and lunch in the on-site cafeteria, and lunch served in the Harborview Dining Room, a more formal dining area located on our top floor with views of Boston Harbor and the Atlantic Ocean.

 Credit Union
Located on-site, the 600 Atlantic Avenue Federal Credit Union provides a range of services including ATM access, loans, checking accounts, and interest-bearing saving accounts.

Casual Dress
Employees may dress in “business casual” clothes. (For men: trousers, shirts with collars, polo-style shirts, etc. For women: slacks, blouses, polo-style shirts, sweaters.)

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