Whether you're at the beginning of your career or making a career change, we offer competitive benefits, including generous vacation/sick time, comprehensive health and wellness programs, professional development opportunities, and corporate social responsibility programs.
The Bank is conveniently located at 800 Boylston Street in Boston's vibrant Back Bay, close to public transportation and shops and restaurants.
New employees start with 15 days of paid vacation each year, earned on an accrual basis. Additional vacation time is accrued based on length of service. Up to 40 hours of accrued, unused vacation time may be carried over each year.
Employees can take up to 2 paid days off each year for any reason. New employees are eligible for this benefit on a pro-rated basis during their first year, depending on their hire date.
Employees can take up to two paid days off each year to volunteer.
The Bank typically observes 10 paid holidays each year.
Employees accrue 10 days each year. Sick time can be used for personal needs or family needs, up to a certain limit. An employee can carry over a limited amount of accrued sick to be used in conjunction with our salary continuation benefit (short term disability).
Salary Continuation Benefit (Short Term Disability)
We offer salary continuation benefits to regular employees who are on an approved Family and Medical Leave Act (FMLA) leave due to their own serious health condition after sick time is exhausted. This applies only to extended leaves.
- Bank-funded pension plan with full vesting after six years of service
- 401(k) plan with a Bank match that increases at certain service anniversaries
Defined Benefit Retirement (Pension) Plan
We fund a pension plan that provides monthly income for life or a lump sum payment to vested employees. There is no investment risk to employees as benefits are defined by a formula based on several factors. Employees are fully vested after six years of service.
Defined Contribution/401(k) Plan
We also offer a savings and investment plan, with contributions from both the employee and the Bank. Staff may contribute up to 50 percent of their salary starting on the first day of the month following their date of hire. Bank matches are as follows:
- Medical and dental plans
- Flexible spending accounts
- Fitness subsidy
- Employee assistance program
We offer employee-only or Family-level coverage options for many of the Bank's health and welfare plans. Employees are also encouraged to take advantage of wellness program activities including fitness challenges chair massages, seminars, and an annual health and wellness fair.
Employees have a choice of four comprehensive medical plans through HMO or PPO plans. Costs are shared by the Bank and its employees with the Bank providing a significant contribution.
We offer a comprehensive dental plan, with costs shared by the Bank and its employees with the Bank providing a significant contribution.
Flexible Spending Accounts
Employees can set aside pre-tax dollars to fund flexible spending accounts for health care and/or dependent care.
We offer a subsidy for a local fitness club or annual reimbursements for a club of the employee's choice.
The Bank pays up to $7,500 of tuition fee expenses per calendar year for accredited job- or career-related courses or degree programs. Employees are also reimbursed up to $100 per class for required textbooks or course materials.
Employees are encouraged to pursue job- or industry-related training, certifications, and professional designations to support their career development and support the Bank's mission.
In 2017, we invested over $350,000 in professional development and academic assistance for our staff.
Additionally, the Bank offers a Student Loan Repayment Assistance Program to help employees pay off their student loans.
- Bank-paid life insurance
- Subsidized transportation
- Back-up child care
We offer an array of additional benefits to support our employees and their qualified dependents, a few of which are highlighted below:
Group Term Life Insurance
Beginning on their date of hire, employees are insured, at the Bank's expense, for an amount equivalent to two times their eligible compensation. Coverage is also provided for an eligible spouse and dependent children, and employees may purchase additional coverage.
Long-term Disability Insurance
Eligible full-time employees whose illness or injury prevents them from returning to work at the end of a 12-week period can apply for long-term disability coverage. Eligible employees receive 65 percent of their salary up to a certain maximum. A brief waiting period may apply for this benefit.
We subsidize 50 percent of monthly MBTA passes or parking passes within Boston up to $130 per month.
The Bank provides back-up childcare through Bright Horizons for $15 per child or $25 per family per day. Each employee can use up to 15 days each calendar year.
Hubway (Bicycle Sharing Program) Membership
Employees are eligible to purchase a Bank-subsidized annual membership.
Employee Discount Programs
Employees can purchase discounted tickets for local or national events or services through the Working Advantage program. Additional discounts include BJ's membership, Zipcar, Verizon Wireless, and AT&T Wireless.
The Bank's FHLBWell program includes all aspects of health and wellness. Hosted events include an annual wellness fair, fitness and cooking classes, and physical fitness challenges. Employees may also take advantage of fitness subsidies, access to vendor sites used to manage their financial portfolio, and other useful tools.