Farm Credit Services of America offers a wide array of benefits for both full- and part-time employees. In addition, our benefits package is designed to give a solid foundation for financial protection for employees and their families.
Our total compensation package allows employees to select those benefits that fit their individual circumstances. Farm Credit Services of America's Flexible Benefits Program includes, but is not limited to the following: Health Benefits
Medical Care
Optional medical coverage provides employees a PPO plan that has different deductibles and different out-of-pocket limits. Employees and family members may participate. Certain preventive wellness expenses will be covered at 100% of the usual and customary allowances up to $750 per year for covered employees and covered dependents.
Vision Care Plan
Optional program coverage allows employees and their dependents to buy vision benefits on a pre-tax basis through the Vision Services Plan (VSP).
Dental Insurance
Optional dental plan coverage pays 80 percent of eligible dental expenses for basic services — 50 percent of major and orthodontics after a $100 per person deductible, with $1,500 annual maximum per person. Orthodontia coverage pays a $2,000 lifetime maximum per person, child or adult.
An optional basic plan is also available. This pays 100 percent for preventative, diagnostic services (cleanings two times per year; oral exams two times per year; bitewing x-rays, full mouth x-rays, fluoride and sealant treatments for children). In addition, it pays 80% after a $50 per person deductible for basic services. Major services & orthodontia are not covered.
Investment Benefits
Salary Deferral Plan – 401(k)
Optional plan allows employees to participate in the 401(k) plan as soon as they receive their first computer generated paycheck.
Employees may contribute one to 75 percent of salary on either a pre-tax or after-tax basis unless limited by IRS regulations. A variety of different funds — including Self-Direct Brokerage Account — plus New York Life's website (www.bcomplete.com) offers a retirement calculator and online advice for investment purposes. The employer matches dollar for dollar on the first six percent contributed. New employees will automatically be enrolled for a three percent contribution to their 401(k) from their paycheck. This contribution will automatically increase one percent annually until the amount reaches six percent. New employees have the ability, however, to change the percent or opt out of the initial three percent automatic contribution.
Employer Contribution Plan (Pension Plan)
Employer-funded plan whereby Farm Credit Services of America contributes to employee accounts in amounts equal to three percent of their covered compensation for each pay period.
Disability and Insurance Benefits
Long-Term Disability
If disabled due to a medical reason, an employee may apply for employer-paid long-term disability. The insurance company determines eligibility. If eligible, employee must be disabled for 180 days before benefits commence at sixty-six and two-thirds percent of covered monthly salary up to $20,000 per month.
Short-Term Disability
If disabled due to a medical reason, employee is eligible for short-term disability (salary continuation) benefits when all sick leave and annual leave has been depleted. The payment is 50 percent of covered monthly salary and is taxable income. This pay continues until the employee is able to return to work or until the 180-day waiting period has been met for long-term disability.
Business Travel Accident Insurance
This employer-paid insurance covers accidental death or dismemberment that may occur while traveling on company business. This is equal to three times the employee's benefits-eligible earnings.
Basic Life Insurance
Basic Life Insurance, including an equal amount of Accidental Death and Dismemberment (AD&D) coverage (for employees only — not dependents) is provided at one times the employee's benefits eligible earnings.
Coverage maximum is $1,500,000 should employee suffer dismemberment or die as a result of a covered accident.
Employees also have the option to purchase additional Basic Employee Life Insurance/ AD&D Insurance in the amount of 1x benefits eligible earnings. These premiums are paid by the employee.
Group Universal Life - GUL
Optional program allows employees to buy additional term life insurance at group rates. Employees may enroll dependents also.
Optional Accidental Death and Dismemberment Insurance
Optional insurance allows employees to purchase AD&D coverage in incremental amounts of $25,000 — up to 10 times current base salary or $750,000 (whichever is less). The plan covers employees or employees and their families in the event of a death or dismemberment as a result of an accident.
Leave Programs
Vacation Leave
Accrues at the rate of 12 to 26 days per year depending on length of service.
Sick Leave
Accrues at 10 days per year. Sick leave is generally used for dental and doctor appointments, care of the employee’s sick children (legal dependents under the age of 18) and for their medical and dental appointments, and to care for parents or spouse, who require treatment or medical supervision for a health condition.
Holidays
Farm Credit Services of America recognizes 10 holidays, one of which may be designated as a floating holiday in any given year.
Additional Benefits
Spending Accounts
Optional spending accounts allow payroll deductions to be made on a pre-tax basis to pay for health-care expenses not covered by the medical or dental plans and/or dependent-care expenses.
Employees may participate in one, both or none of the spending accounts.
Worker's Compensation
This plan pays the costs for any job-related injury or illness. It also has provisions for payment in case of death, time off due to disability and rehabilitation training.
Unemployment Compensation
Employer makes payment into a state fund that provides unemployment payments to eligible employees when unemployed.
Social Security
The federal government administers this program that provides benefits related to retirement, death or disability. There is also a health-care provision intended mainly for persons age 65 or over. The employer and employee pay equal amounts toward funding this program.
Other Benefits - Tuition assistance
- Employee assistance
- Prescription drug plan
- Computer purchase plan
- Internal and external training opportunities
- Military leave
- Funeral leave in the event of death of a member of the employee's immediate family
- Leave for court service, jury duty and other circumstances that require employees to be absent for reasons other than their own illnesses or injuries
This summary sets forth general statements of employer policy and is not intended to be, nor should it be construed as, a contract between the employer and employee or a promise of treatment or coverage and is subject to change at any time. |