Federal Reserve Bank of Cleveland Employee Benefits and Perks | Glassdoor

Federal Reserve Bank of Cleveland Benefits

Location: US
4.8
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11 Ratings

Employer Summary

Contribute to things that matter and get all the great benefits that go along with working for the Cleveland Fed

The Federal Reserve Bank of Cleveland offers a competitive base salary, a comprehensive benefits package, work-life balance benefits, development opportunities, and other programs designed to protect your health, enhance your financial security, and contribute to your engagement and overall well-being.


Employee Benefit Reviews

Showing 1–10 of 11 comments

Most Commented

  • Pension Plan  (3 comments)

    “The pension plan is appropriate and it does not take as much time as expected to get vested.”

  • Dec 18, 2018
    StarStarStarStarStar Former Employee in Cleveland, Ohio

    Great benefits and health care is reasonable priced.

  • Sep 18, 2018
    StarStarStarStarStar Current Employee in Cleveland, Ohio

    Recently, Parental Leave has been added to the benefits package. In the event that you or your spouse have a baby, you will be entitled to a period of fully paid time off. Currently, this benefit is 4 weeks paid time off. This additional time off can be used anytime within 12 months. This is significant as you do not need to utilize the time off all at once ( family / friend help with childcare tends to dissipate after the first few weeks). To clarify previous posts, the Bank contributes 7% of your salary (6% match, +1% ) into the 401k style "Thrift Plan". This is in addition and complementary to the defined benefit plan (aka Pension).

  • Mar 28, 2018
    StarStarStarStarStar Former Employee in Cleveland, Ohio

    Excellent benefits package that includes low cost quality health coverage, a 401k that matches up to 6%, a good Pension plan, and vacation time . No negatives.

  • Feb 05, 2018
    StarStarStarStarStar Former Employee in Cleveland, Ohio

    Great benefits and coverage. 3 weeks vacation depending on your position.

  • Oct 26, 2017
    StarStarStarStarStar Former Employee in Cleveland, Ohio

    The benefit package offered by the Bank is truly best in class. Health care benefits costs are extremely competitive and they offer a pension after 5 years of service with retiree medical coverage after 10 years of service.

  • Aug 03, 2016
    StarStarStarStarStar Current Bank Examiner in Cleveland, Ohio

    The Federal Reserve of Cleveland has one of the most comprehensive benefits packages of any company I have worked for. The insurance is offered at multiple tiers, but the highest (and most expensive) tier offers coverage with co-pays but no deductibles or co-insurance and only minimal costs associated with most hospital visits. Vision coverages includes new lenses every year, but frames every other year (but a generous allotment for glasses/contacts). In addition the Fed offers both a 401k and a Pension (both require five years for vesting). The 401k receives an automatic 1% from the Fed and 100% matching up to 6%. I was exceptionally pleased to learn about these as I have a family with young kids and medical costs can get quite expensive. The Fed also offers commuter perks, to include pre-tax paid monthly parking passes, bus/metro fair, ride-sharing cost savings and even the potential to work at home for some employees.

  • Jul 12, 2016
    StarStarStarStarStar Current Employee in Cleveland, Ohio

    Excellent health insurance. Matching 401-k plus 1%. Pension with a portable cash option. Vacation time that increase proportionately.

  • May 29, 2016
    StarStarStarStarStar Former Bank Examiner in Cleveland, Ohio

    The health care package was bar none. I would work on the year end bonus compensation package to reflect the overall profitability of the bank.

  • May 27, 2016
    StarStarStarStarStar Current Management in Cleveland, Ohio

    Good health care coverage, great retirement and pension benefit plan

  • Nov 29, 2015
    StarStarStarStarStar Current Employee in Cleveland, Ohio

    Nobody offers defined-benefit pensions anymore. FRB-Cleveland does

Benefits Summary


List based on reports from current and former employees. It may not be complete.

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Insurance, Health & Wellness

  • CheckmarkHealth Insurance (9)
  • Dental Insurance
  • Flexible Spending Account (FSA)
  • Vision Insurance
  • Health Savings Account (HSA)
  • Life Insurance
  • Supplemental Life Insurance
  • Disability Insurance
  • Occupational Accident Insurance
  • Health Care On-Site
  • Mental Health Care
  • Retiree Health & Medical
  • Accidental Death & Dismemberment Insurance

Financial & Retirement

  • CheckmarkPension Plan (8)
  • Checkmark401K Plan (9)
  • Retirement Plan
  • Employee Stock Purchase Plan
  • Performance Bonus
  • Stock Options
  • Equity Incentive Plan
  • Supplemental Workers' Compensation
  • Charitable Gift Matching

Family & Parenting

  • Maternity & Paternity Leave
  • CheckmarkWork From Home (9)
  • Fertility Assistance
  • Dependent Care
  • Adoption Assistance
  • Childcare
  • Reduced or Flexible Hours
  • Military Leave
  • Family Medical Leave
  • Unpaid Extended Leave

Vacation & Time Off

  • Vacation & Paid Time Off
  • Sick Days
  • Paid Holidays
  • Volunteer Time Off
  • Sabbatical
  • Bereavement Leave

Perks & Discounts

  • Employee Discount
  • Free Lunch or Snacks
  • Employee Assistance Program
  • Gym Membership
  • Commuter Checks & Assistance
  • Pet Friendly Workplace
  • Mobile Phone Discount
  • Company Car
  • Company Social Events
  • Travel Concierge
  • Legal Assistance

Professional Support

  • Diversity Program
  • Job Training
  • Professional Development
  • Apprenticeship Program
  • Tuition Assistance

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