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Employee benefits at FHLBI
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The FHLBI provides full-time and part-time employees an excellent benefits package that is comprehensive and
flexible as highlighted below.
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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 generic drug, $20 for a preferred name
brand, and $30 for a non-preferred brand. Under the mail-in prescription drug plan, the covered person pays $20 for
a generic drug, $40 for a preferred name brand, and $60 for a non-preferred brand.
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 2.5% times highest three years’
average salary
Example: 30 benefit years x 2.5% x $30,000 = $22,500 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.
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Years of service
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Biweekly
accrual
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Maximum hours
earned per year
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Nonofficers
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| 0 - 3 years |
3.08 hours |
80.00 |
| 3 - 8 years |
4.62 hours |
120.00 |
Over 8 years
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6.16 hours
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160.00
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Officers
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| 0 - 3 years |
4.62 hours |
120.00 |
| Over 3 years |
6.16 hours |
160.00 |
| Over 15 years |
7.70 hours |
200.00 |
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.
Career development
FHLBI is committed to facilitating the acquisition of new skills and knowledge by offering on-the-job training as well
as approved training through in-house programs. External seminars are offered when comparable courses are not
offered in-house.
In addition, a one-on-one, personalized, confidential career service is available to all employees. The human resources
director provides this service. Assessment tools may also be used to assist in career development planning.
Dress Code
The dress code is business casual.
Updated: December 18, 2007
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