Employee Benefits

Retirement Benefits 

Retirement Income & Savings Plan 401(k)

Contributory plan in which all employees who are at least 18 years of age are eligible to participate immediately upon hire. Plan allows employees to save from 1% to 75% of compensation (pre-tax or after-tax dollars) and includes company match of 100% of the first 3% of employee contribution and 50% of the next 3% of employee contribution (up to 4.5% employer contributions). Employees vest 20% of the employer match each year, with full vesting at 5 years. 

Employees have several investment choices in which to direct future, existing or rollover contributions. Access to 401(k) balances and the ability to make changes can be accomplished through internet access. The accounts are valued daily. 

Participants with financial difficulties may request a loan from their account. Minimum and maximum loan restrictions are stipulated; fees for applying for a loan and quarterly maintenance fees will also be charged to the account.

Stock Purchase Plan

All employees are eligible to participate in the Plan as long as they have completed 90 days of service prior to a quarterly entry date and complete an authorization form.  Employees elect an after-tax deduction amount. A maximum fair market value of $25,000 in stock can be purchased during a calendar year. The purchase price each quarter will be 85% of the average fair market value of the stock during the quarter, except that the price cannot be less than 85% of the lesser of the fair market value at the beginning or end of the quarter.

Welfare Benefits

Group Health

Coverage includes a choice of two traditional PPO options and one High Deductible Health Plan that is Health Savings Account eligible. The plan is a comprehensive major medical plan that includes, but is not limited to, hospital costs, surgery, doctors' services, prescriptions, and supplies (excluding nutritional supplements), diagnostic procedures as needed, and many other features. The Plan covers preventive care at 100%. All full-time employees and part-time employees scheduled 30 or more hours/week are eligible after successfully completing 60 days. 

Group Life

Noncontributory plan provides term life insurance equal to two (2) times an employee's annual base salary; maximum benefit of $150,000. All officers are eligible on the first day of employment; full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.

Accidental Death and Dismemberment

This noncontributory plan has double indemnity.  All officers are eligible on the first day of employment; full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.

Dependent Life Insurance

Insure your spouse and unmarried children, adopted children and stepchildren living in your home. Spouses are insured until they reach 70 years of age. Children are insured from live birth through age 19; full-time students registered at an accredited educational institution are insured through age 23. Schedule of benefits is as follows: spouse is $10,000, each child older than 14 days is $5,000, and each child from live birth to 14 days is $1,000. The cost for this coverage, regardless of the number of dependents, is $1.30 per pay period. All officers are eligible on the first day of employment; full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.

Long Term Disability

This noncontributory plan covers 60% of base salary to maximum of $10,000 per month and is integrated with Social Security. The minimum liability is $100 or 10% of the benefit payable prior to any benefit reduction, whichever is greater.  Benefits begin after an employee has been disabled for 90 days in a 180 day period. All officers are eligible on the first day of employment; full-time employees are eligible after successfully completing 60 days; part-time employees are not eligible.

Voluntary Life and Accidental Death and Dismemberment Insurance

All officers are eligible on the first day of employment; full-time employees are eligible after successfully completing 60 days; part-time employees who are scheduled 30 or more hours are eligible after 6 months of employment.

  • Employee Coverage - The employee may elect coverage in $10,000 increments up to a maximum of five times their salary or $250,000, whichever is less. AD&D coverage is equal to the life amount elected. Benefits decrease at ages 65, 70 and 75 and terminate at age 80. Coverage may be ported or converted at termination of employment as long as the coverage has been held for one year.
  • Spouse Coverage – The employee must elect coverage on self in order to elect spouse coverage. Coverage may be in elected in $5,000 increments. Minimum coverage is $5,000 and maximum coverage is $50,000 or half of the employee coverage, whichever is less. Benefits reduce at  the employee’s age 65 and terminate at the employee’s age 70.
  • Dependent Coverage - The employee must elect coverage self in order to elect dependent coverage. Coverage is equal to $250 for children aged 14 days to 6 months and $10,000 for children aged 6 months to 19 years (or 23 if a full-time student).

Dental Insurance

The dental plan provides 2 routine examinations every 12 months.  Preventive services are covered 100% with no deductible; basic services are covered 80% with a $50 per person or $150 family deductible; and, major care services are covered 50% also applicable to the deductibles. You may use any provider; there are out of network benefits included in this plan. There are specific treatment limitations regarding frequency of treatments. All officers and full-time employees are eligible after successfully completing 60 days of continuous service; part-time employees are eligible after successfully completing 6 months as long as they work or are scheduled for 30 hours/week.  

Vision Insurance

There is no deductible. The plan covers one annual eye examination and contact lenses every 12 months or one pair of eyeglass lenses every 12 months and frames every 24 months. A discount on laser vision surgery is also available. You must use a provider within the VSP network to obtain lower out-of-pocket expenses. If you choose an out-of-network provider, you may turn in your claims for reimbursement. All officers and full-time employees are eligible after successfully completing 60 days; part-time employees are eligible after successfully completing 6 months as long as they work or are scheduled for 30 hours/week.

Cafeteria Plan

The cafeteria plan that allows employees to contribute to their health, dental and vision insurance on a pre-tax basis. The plan also establishes two spending accounts:

  • Health Care Flexible Spending Account - may be used to reimburse yourself for medical expenses that are not covered by any insurance plan. Deductions from payroll are done on a pre-tax basis. All full-time employees and part-time employees scheduled 30or more hours/week are eligible after successfully completing 60 days.  
  • Dependent Care Spending Account - expenses related to providing child, elder or dependent care may be done on a pre-tax basis. All full-time employees, and part-time employees scheduled 30 or more hours/week are eligible after successfully completing 60 days. 

Other Benefits

Vacation

  • Officer Vacation - Officers are eligible for vacation immediately upon hire.  In the first year of employment, all officers will be eligible for vacation as follows:
    Date of Employment Officers & AVP Vice President & Above
    January to March 15 days 20 days
    April to June 11 days 15 days
    July to August 8 days 10 days
    September to November 4 days 5 days
    December None None

    Employees must use 5 of their vacation days consecutively at least once each year.  Remaining vacation days can be used in ½ day increments.

  • Non-Officer Vacation - In the first year of employment, all full-time and part-time employees will be eligible for vacation after three months of continuous service.  Following is the vacation accrual chart for full-time employees who work a regular full-time work schedule of 35 hours a week. Vacation time for part-time employees who work at least 20 hours a week will be prorated based on the average hours worked.
    Date of Employment Amount of Vacation During Year Hired
    January to March 40 hours
    April to June 30 hours
    July to August 20 hours
    September to December None

    Employees must use 5 of their vacation days consecutively at least once each year.  Remaining vacation days can be used in ½ day increments. 

  • Officer and Non-Officer Vacation for Subsequent Years of Employment on January 1
    Years of Service Non-Officer Officer & AVP VP & Above
    Less than 1 year 80 hours 15 days 20 days
    1 - 4 years 96 hours 17 days 22 days
    5 - 9 years 120 hours 20 days 22 days
    10 -14 years 160 hours 22 days 22 days
    15 or more years 176 hours 22 days 22 days

Sick Leave

Employees are eligible for sick leave after the completion of three (3) months of continuous service.

  • Full-Time Exempt Staff - During the first year of employment, full-time, exempt employees accrue prorated paid time off based upon the hire date not to exceed eight (8) days.  During each subsequent year of service on January 1, exempt employees will be credited with eight (8) days of sick leave.
  • Full-Time Nonexempt Employees - During the first year of employment, full-time, nonexempt employees accrue prorated paid time off based upon the hire date not to exceed sixty-four (64) hours. During each subsequent year of service on January 1, full-time non-exempt employees will be credited with sixty-four (64) hours of sick leave.
  • For part-time employees who regularly work more than 20 hours a week, sick leave accrual will be prorated based on average hours worked.

Bank Holidays

Generally, holidays coincide with the schedule followed by the Federal Reserve Bank and are classified into two categories: traditional and discretionary. All locations observe the traditional holidays (New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, Christmas Day) by closing; discretionary holidays are observed differently based on the line of business or location. The Bank observes Martin Luther King Jr Day, Presidents Day, and Veterans Day; the insurance agency observes Good Friday, Day after Thanksgiving, Christmas Eve, and New Years Eve).  All full-time and part-time employees who work at least 20 hours per week are eligible for this paid time off upon hire. Employees must be in a pay status immediately prior to and after the holiday to receive holiday pay.

529 College Savings Plan

All full-time and part-time employees are eligible on their date of hire to open a college savings plan through Blackrock. Deductions are after-tax and are withheld from payroll and direct deposited to the employee’s individual account with Blackrock. Employees can start, stop, increase or decrease their payroll deductions at any time. Monthly statements will be prepared and mailed directly to the employee from Blackrock. For additional information on the 529 plan, the investment portfolio options or the enrollment or change forms, contact Human Resources.

Checking Account

Employees are provided one First Preferred checking account with minimum balance requirements waived while an employee. Payroll is deposited into either this or another employee’s checking or a savings account. Upon termination or retirement, all normal service charges are applicable. Employees desiring other checking account products will be subject to normal fees and charges.

Bereavement Time

Time allowed is ten days for spouse, child or step-child who is either living with you or attending school, five days for mother or father, and three days for mother-in-law, father-in-law, step-parent, grandparent, step-child, brother, sister, step-brother or step-sister or any other relative that is living in the employee's household at the time of death. One day is allowed to attend funeral of any other relative. All full-time and part-time employees who work at least 20 hours per week are eligible for this paid benefit.

Employee Loans

Employee discount rates and fees are available to non-officer employees who have completed one year of continuous service; officers are eligible on the first day of employment. Discount rates to all employees are contingent on meeting established credit standards.

Educational Assistance

  • Full-time employees with a minimum of six (6) months continuous full-time service can be reimbursed for courses leading to a recognized degree or certification in banking, business (Accounting, Finance, Management, Human Resources, etc.) or courses related to their current position. Employees must have received at least a successful rating on their most recent performance evaluation, and have the Education Assistance Request Form approved prior to enrolling for classes. 
  • Undergraduate or graduate courses taken at an accredited vocational college, business college, university or institution are eligible for 75% tuition and 50% book reimbursement provided the employee receives a grade of C or better and reimbursement forms are submitted at the end of each current quarter or semester. Employee must be in an active status at the time reimbursement requests are submitted to Human Resources to be eligible for reimbursement.

Travelers and Cashiers Checks and PMOs

These are exempt from regular fee charges.

Safe Deposit Boxes

Employees have the option of obtaining one small safe deposit box free of charge or one of any larger size safe deposit box billed at 50% of the customer rate. The safe deposit box must be in the in the employee’s name. All additional safe deposit boxes will be billed at the regular customer rate.

Service Award

Employees are provided a gold lapel pin set with one diamond following their fifth anniversary; additional diamonds are added each five year anniversary through the twenty-fifth anniversary. Employees are also provided with a choice of several tangible gifts in recognition of each five-year anniversary beginning with their fifth anniversary.

Equal Employment Opportunity Employer