Each employee has their own needs and should be able to tailor their coverage to meet those needs. It’s for this reason we designed our benefits program to provide employees and their families with as much choice as possible.
Employees (including temporary) scheduled to work 20 or more hours per week are automatically enrolled in the 401(k) savings plan at 5% personal contribution. The bank will match the first 6% of employee contributions. Employees are fully vested after completing two years of employment and 1,000 hours worked each year.
Depending on years of service and employment status, employees can accrue up to 28 days of PTO each year with the option to carry over up to 80 hours into the next year. All employees are eligible to receive up to 11 paid holidays per year, separate from PTO, which is based on their weekly scheduled hours.
Employees scheduled to work 20 or more hours per week will receive basic group life insurance coverage at 2.5 times their annual salary, up to a maximum of $300,000. Coverage is effective the first of the month following or coinciding with six months of employment. Spouses and eligible dependent children (up to age 26) will receive a $2,000 policy provided by the bank.
Employees scheduled to work 20 or more hours per week are eligible to purchase Supplemental Life & AD&D Coverage the first of the month following or coinciding 30 days of employment. Eligible employees may purchase Supplemental Life insurance for themselves, eligible spouse, and dependent children up to age 26. Supplemental AD&D is only available for the employee.
A group health plan is available to all employees (including temporary), scheduled to work 20 or more hours per week. Employees have a choice between two plans, which vary by deductible and coinsurance amounts. Both plan options include prescription drug coverage. Eligibility is the first of the month following or coinciding with 30 days of employment.
All employees scheduled to work 20 hours or more per week are eligible to enroll in Dental through DeltaDental. The dental plan pays for up to two visits per plan year for diagnostic and preventative services in addition to an individual deductible with coinsurance payments on basic dental and major restorative services. The plan provides an Orthodontia benefit of up to $1,500 lifetime maximum for adults and dependent children.
Vision coverage is available through Vision Services Plan (VSP). Employees have the option to choose between two plans, which include allowances for $10 copay for an annual eye exam, lenses (annually), frames (every other year), and contacts (annually). The Premium Plan offers an additional annual $100 upgrade towards frames, lenses, or contact lenses.
Flexible spending accounts allow eligible employees to set aside pre-tax dollars to pay for healthcare expenses. The annual IRS maximum contribution is $2,750. Participants can roll over up to $550 of unused funds at the end of the year, if actively enrolled the following year.
A Health Savings Account (HSA) is offered to employees who are enrolled on the High Deductible Health Plan. The bank will contribute towards the HSA on a per pay period basis. Employees can also contribute the difference up to the IRS maximum allowed.
Firs t Interstate will contribute up to $1,500 per eligible dependent, with a max of $4,500 annually. Employees can contribute the difference up to the IRS maximum allowed of $5,000 ($2,500 if married filing separately). The Bank’s contribution is prorated based on eligibility, on a per pay period basis.
To encourage our workforce to get and stay fit, we offer eligible employees $25 per month, or $300 per year, toward a fitness club membership or exercise-related classes. The benefit is available to employees scheduled to work 20 hours per week and having been employed for 90 days.
To assist employees in paying down student loan debt, we will make monthly payments of $100 directly to eligible loan service providers on behalf of our employees until the loan is paid off. This payment is in addition to the minimum monthly payments made by the employee. This benefit is available to employees who have completed one year of service and are scheduled to work 30 hours or more per week.
Open to full and part time employees with at least 90 days of service, the matching program is available for employee monetary gifts and volunteer hours donated to qualifying organizations.
Employees scheduled to work 20 or more hours per week are eligible to purchase Group Accident, Hospital Indemnity, or Critical Illness Insurance coverage for themselves, eligible spouse, and dependent children up to age 26. Eligibility is the first of the month following or coinciding with 30 days of employment.
Additional benefits provided by First Interstate Bank: