Benefits
FINRA offers full- and part-time employees working 20 or more hours per week a comprehensive benefits package. FINRA also provides certain benefits for same- and opposite-sex domestic partners.
Following is a brief description of the each benefit.
Medical Insurance and Prescription Drug Coverage
FINRA offers nationwide coverage through CIGNA as well as through local Health Maintenance Organizations (HMOs). There are five coverage levels to choose from: "Employee only," "Employee plus child," "Employee plus spouse," "Employee plus children" and "Employee plus spouse plus child(ren)."
CIGNA Open Access Plus (OAP) plan - Employees can use the CIGNA OAP network without obtaining a referral while paying lower out-of-pocket costs. Network benefits are generally paid at 90%, after a deductible. Non-network benefits are generally paid at 70%, after a deductible.
CIGNA Point of Service (POS) plan - Network benefits are available through a primary care physician and are generally paid at 100% with no deductible. Non-network benefits are also available and are generally paid at 70%, after a deductible.
Health Maintenance Organizations (HMOs) - Employees have the option of choosing from the following HMOs, depending on location: Washington, DC metropolitan area (MD-IPA or Kaiser Permanente); New York/New Jersey area (Oxford); San Francisco area (Kaiser Northern California); and Denver area (Kaiser Colorado).
Prescription Drug - CIGNA provides prescription drug coverage at participating retail pharmacies and through mail order. Prescription drugs at participating pharmacies are available for a $3 co-pay (generic), $15 co-pay for preferred brand drugs, and $25 for non-preferred brand drugs. Mail-order prescriptions are available that provide a 90-day supply with a co-pay equivalent to two times the retail copay for 30 days. For example, a preferred brand drug 90-day mail order supply the copay would be $30 (two times $15). HMO co-payments vary by plan.
Retiree Medical Savings Program
There are three components to the Retiree Medical Savings Program:
- The Retiree Medical Account (RMA) in which FINRA provides funds based on age and service which is available after retirement from FINRA and can be used for the purchase of FINRA retiree medical coverage.
- The Unused Leave Account (ULA) that takes specific types of leave and converts them to a dollar value that is placed into the account available after FINRA retirement for the purchase of FINRA Retiree medical coverage.
- Retiree medical coverage options for employees who retire from FINRA who are at least age 55 with 10 years of service or age 65 with a minimum of 5 years of service.
Dental Insurance
FINRA offers two dental options:
CIGNA Dental HMO - All care must be received from a network primary care dentist. Most preventive care is covered at no charge. All other dental services are subject to a schedule of co-payments.
CIGNA Dental PPO - The PPO offers a comprehensive plan that covers most routine and major dental care. Preventive care is covered at 100% with no deductible. Other services are paid at 80% or 50% subject to a $50 deductible per person, and a $100 deductible per family.
Vision Insurance
The Vision Service Plan (VSP) pays for an eye exam, lenses or contact lenses once every calendar year. Frames are covered every two years. The plan also pays for a second pair of glasses (lenses every year and frames every two years) subject to a $20 co-pay. Contact lenses may be chosen in lieu of the second pair of lenses and frames.
Employee and Dependent Life Insurance
FINRA provides employee coverage options ranging from $10,000 to eight times an employee's base pay. Because FINRA believes all employees should have life insurance protection, employees are given "life credits" to purchase life insurance equal to 2 times their base salary. Evidence of insurability is required for amounts that exceed $1,000,000. Maximum benefit is $1,500,000.
Spouse/Domestic Partner Life insurance coverage options are available at the full cost to the employee as follows:
Spouse/Domestic Partner Child
$50,000 $25,000
$25,000 $15,000
$10,000 $5,000
Employee and Dependent Accidental Death and Dismemberment (AD&D) Insurance
FINRA provides company-paid AD&D at no cost equivalent to two times annual base pay. Optional employee coverage amounts provide up to an additional 6 times annual base pay up to a combined maximum of $1,000,000.
Spouse/Domestic Partner and child AD&D insurance coverage options are available at the full cost to the employee with the same coverage options as provided for dependent life insurance.
Disability Coverage
Short-term disability is provided under a salary continuance program at FINRA. If an employee is disabled for nine (9) consecutive working days, benefit payments may begin. Benefit is either 100% or 60% of base pay depending on length of service. FINRA provides all eligible employees with Long-Term disability coverage of 60% of base pay (up to a $22,500 per month) at no cost.
Flexible Spending Accounts (FSA)
FINRA offers both a Health Care and a Dependent Care FSA. Employees may set aside up to $5,000 on a pre-tax basis in a Health Care account to pay for eligible health care expenses. The Dependent Care account allows employees to set aside up to $5,000 (depending on income tax filing status) to pay for dependent day care expenses.
Other FINRA Benefits
Vacation: (accrued bi-weekly, based on years of service):
First year - 10 days
Second through seventh years - 15 days
Eighth through tenth years - 18 days
Eleventh through fifteenth years - 21 days
Sixteenth year and beyond - 25 days
Personal Days: Eligible employees receive four (4) personal days each year. For employees hired on or after April 1, the number of personal days received that year is pro-rated, based on the date of hire.
Paid Holidays: Eligible employees receive paid time off for nine (9) company observed holidays.
Paid Sick Leave: Eligible employees are granted nine (9) days of paid sick leave each year. First-year sick leave for new employees is pro-rated from the date of hire.
Parental Child Care Leave: Eligible employees who are the primary caregiver of a newborn or adopted child may receive up to 13 weeks of full pay immediately following the birth or adoption of the child. This benefit runs concurrent with any available Family Medical Leave as provided under the FMLA.
Educational Assistance (Work-related and degree courses within FINRA staffing requirements are eligible): Employees are eligible to take advantage of this benefit immediately upon employment (course start date must be after date of hire). Covered expenses are paid at 100% and include tuition, registration, books, and laboratory fees up to a maximum benefit of $5,250 each calendar year. The educational assistance program does not cover other school fees.
Adoption Benefit: Full time employees are eligible to receive a cash benefit up to $4,000 per adoption.
Savings Plus Plan (401(k) Plan): Upon hiring, employees are automatically enrolled in the 401(k) plan at 6% of base pay, and may opt out at any time. FINRA provides a per pay period match of 100% on the first 6% of the employee's base pay contribution. An additional match of 25% on additional employee contributions is also made on an annual basis for amounts contributed above 6% of the employee's base pay with the additional match not to exceed $1,000. Employees are immediately vested in all matching contributions. Employee's may contribute from 1 - 50% of base pay to the plan with contributions made on a pre-tax or after-tax basis, or in the after-tax Roth feature, or any combination of the three. Contributions are subject to IRS limits. FINRA accepts directed rollovers from other qualified plans.
Retirement Plan: FINRA provides a fully funded defined benefit pension plan. Employees are automatically enrolled on January 1 or July 1 following one year of service and reaching age 21. Employees are vested after five (5) years of service.
United States Savings Bonds: Series EE and Series I bonds can be purchased through payroll deductions.
FINRA Transportation Program: Commuter fare cards, vouchers or parking can be purchased through convenient payroll deductions on a pre-tax basis.
Business Travel Accident Insurance: FINRA provides up to five times pay to a maximum of $500,000 provided world-wide.
