Employee Benefits

The FHLBI provides full-time and part-time employees an excellent benefits package that is comprehensive and flexible as highlighted below. > Insurance > Flexible Spending Accounts > Employee Assistance Program > 401(k) Plan > Retirement Plan > Vacation / Holiday / Sick Days > Educational Assistance > Equal Employment Opportunity > Employee Incentive Plan > Dress Code

Insurance
Life and LTD insurance benefits are provided at no cost to the employee. Medical and dental insurance is available at market rates. The employee’s eligible family members may also be covered under the medical and dental plans at a slightly higher cost.

Medical
Medical and dental coverage begins on the first day of the month following or coinciding with the 30th day of employment. A preferred provider (PPO) plan provides medical benefits. Office visits to a PPO physician costs the employee $15 with no deductible. For hospital/surgical and other covered expenses, the plan pays 80% after a deductible of $500. For services provided outside the PPO network, the co-insurance after the deductible
is 60% of reasonable and customary expenses. The lifetime maximum
is $10,000,000.

Under the retail prescription drug provision, the covered person pays $10 for a tier 1 drug, $20 for a tier 2 drug, $30 for a tier 3 drug, and $50 for a tier 4 drug.  Under the mail-in prescription drug plan, the covered person pays $20 for a tier 1 drug, $40 for a tier 2 drug, $60 for a tier 3 drug, and $100 for a tier 4 drug.

Vision
The vision benefit provides $40 for exams, $45 for frames, and $80 for lenses within any 24 month period.

Dental
The dental plan coverage provides 100% reimbursement of reasonable and customary expenses for all preventative services, i.e., x-rays, cleaning of teeth, and oral examinations. After a $25 per person deductible, the plan pays 85% of reasonable and customary expenses for such services as fillings, extractions, and periodontal services, and 50% of reasonable and customary expenses for bridges, dentures, or crowns, up to a $2,000 per year per covered person limit. The orthodontic benefit pays 50% of charges up to a lifetime maximum of $1,200 per person.

Life
Life insurance coverage becomes effective on the 91st calendar day of continuous service. Group term life insurance is provided in an amount equal to twice the employee’s annual salary. The employee may also purchase dependent coverage.

Accidental death insurance covers employees while traveling on FHLBI business as follows: exempt (salaried) employees, $500,000; non-exempt (hourly) employees, $250,000.

Disability
If an employee is disabled more than 90 days, this plan pays 65% of the employee’s salary, up to age 70. The benefit is reduced by amounts received from Social Security, workers’ compensation, and / or
retirement disability.

Flexible Spending Accounts

Health Care Account
This tax-advantaged plan lets you pay for certain expenses not
covered under the medical, dental, or vision plan, such as deductibles
and co-payments.

Dependent Care Account
This account offers you a tax break on your expenses of caring for your children or disabled spouse or parent while you work.

Employee Assistance Program (EAP)
All regular employees and family members are covered under this program at no cost to the employee. It provides employees and family members a resource for help when faced with personal problems.

Thrift / 401(k) Plan
The first of the month following hire an employee may elect to contribute to the FHLBI's Thrift Plan. After one year of continuous service during which 1,000 hours were actually worked, employees are eligible for employer matching. The plan includes a tax-deferred 401(k) feature. The FHLBI contributes an amount equal to 2% of the employee’s basic salary, or matches the employee’s contributions based on a years of service formula, until after 5 years’ service the FHLBI matches 100% of the employee’s contributions up to 6% of basic salary.

The employee is immediately vested in the Thrift Plan account from the day of enrollment. The plan provides for rollovers from other qualified IRS plans, withdrawals, and also has loan provisions. Amounts contributed to the plan are invested in the employee’s choice of various investment funds.

Retirement Plan
Pension benefits are vested when the employee completes five years of service. At the normal retirement age of 65, benefits are computed by using the following formula: benefit service years times 1.5% times highest five years’ average salary.

Example: 30 benefit years x 1.5% x $30,000 = $13,500 annual benefit

Vacation / Holiday / Sick Days
All regular employees are entitled to earned vacation leave. Vacation leave is accrued and credited biweekly based on the biweekly factor appropriate to the employee’s status and years of service. The following schedule outlines the manner of accruing vacation leave for full-time employees.

Part-time employees accrue leave on a prorata basis.

All full-time and part-time employees are eligible for the ten paid holidays provided by the Bank.

Sick time is provided for all employees and is accrued for non-exempt staff based on the employee's status and years of service.

Educational Assistance
FHLBI offers full-time employees reimbursement for educational courses provided by accredited institutions after the employee has completed six months’ service. Tuition, textbooks, student parking, and most other normal expenses are reimbursed up to 100% of cost up to the annual cap when the student receives a grade of C or better.

Equal Employment Opportunity
FHLBI is firmly committed to a policy of equal employment opportunity and will administer its personnel policies and conduct its employment practices in a manner which treats each employee and applicant for employment on the basis of merit, experience, and other work-related criteria without regard to race, color, religion, national origin, sex, age (except where sex or age is a bonafide occupational qualification as defined by law), sexual orientation, gender identity, status as a parent, veteran's status, or mental or physical disability (except where the disability prevents the individual from being able to perform the essential functions of the job and cannot be reasonably accommodated in full compliance with the law).

Employee Incentive Plan
We have an employee incentive plan designed to create a total organizational commitment to producing results beyond what would normally be expected. If normal expectations are exceeded, employees share in those financial gains.

Dress Code
The dress code is business casual.

Updated: July 1, 2008