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Benefits Details

Last Updated: December 23, 2022

Our exceptional team at the FDIC is the key to fulfilling our important mission. We take pride in offering our employees highly competitive compensation, a generous benefits program, and extensive career development opportunities.

Although not all of the above benefits are offered for every position, be assured that the benefits package you will receive at the FDIC is among the best designed, most flexible and highly generous available in the private and public sector.

Federal Employees Health Insurance

Eligible employees can choose one of the many plans provided under the Federal Employees Health Benefits (FEHB) Program. This program consists of Nationwide Fee-for-Service (FFS) Plans, Health Maintenance Organizations (HMO), Point-of- Service (POS) Product, Consumer-Driven Health Plans (CDHP) and High-Deductible Health Plans (HDHP) with a Health Spending Account. Eligible employees can continue this health care coverage into retirement.

Federal Employees Dental and Vision Program (FEDVIP)

Eligible employees can choose from twelve dental and five vision plans. FEDVIP dental plans provide comprehensive dental coverage, including preventive services covered at 100% when you use an in-network provider. FEDVIP vision plans provide comprehensive vision coverage, including routine eye exams and vision correction.

Federal Flexible Spending Account (FSAFEDS)

Eligible employees may enroll in the HealthCare and/or Dependent Care FSA. Employees can use the Health Care FSA for expenses such as non-covered dental services, Lasik surgery, copayments, and health plan deductibles. Dependent Care FSAs are available for employees with dependent children or qualifying dependent adults when the care is necessary to allow the employee to work. Limited Expense Health Care FSAs are available for employees enrolled in high-deductible health plans.

Federal Employees Group Life Insurance (FEGLI)

Eligible employees are entitled to coverage under the Federal Employees Group Life Insurance (FEGLI) Program, unless excluded from coverage by law or regulation. This program offers basic and optional coverages for employees and optional coverage for eligible dependents.

FDIC Choice — Flexible Benefits Plan

In addition to the federal insurance benefits described above, FDIC offers a flexible cafeteria benefits program called FDIC Choice. It includes the six benefits programs below:

  • FDIC Dental Insurance
    Eligible employees may elect coverage from several options to meet their specific needs.
  • FDIC Vision Insurance
    Eligible employees may elect coverage from several options to meet their specific needs.
  • FDIC Life Insurance
    Eligible employees can also elect life insurance coverage under the FDIC Life Insurance Program. This program provides basic and optional life coverage for employees and optional coverage for eligible dependents.
  • FDIC Domestic Partner Program
    Eligible employees may cover their same sex or opposite sex domestic partners and/or the domestic partner’s dependent children for FDIC Dental, Vision, and Dependent Life Insurance. Also FDIC reimburses a portion of the premium cost to eligible employees who are enrolled in the Federal Employees Health Insurance (FEHB) Program and whose domestic partner and/or the children of the domestic partner are covered by non-subsidized health insurance.

FDIC Parking Flexible Spending Account Program

The Parking Flexible Spending Account (FSA) Program allows eligible employees to have money deducted from bi-weekly pay on a pre-tax basis to cover qualified parking expenses, up to the maximum amount specified by the Internal Revenue Service. "Qualified parking expenses" are the costs that an eligible employee incurs for parking on or near the premises of an FDIC agency office relative to the daily commute to work. As employees pay for qualified expenses, they may submit a claim for reimbursement from funds that have accumulated in their Parking FSA. Only employees located in offices where FDIC does not offer free parking, and where free parking is not otherwise available in the immediate vicinity of their office, are eligible to participate in the FDIC Parking FSA. An employee located in an office where free parking is assigned and accepted is not eligible to enroll in the Parking FSA. An employee who currently utilizes transit subsidy benefits also is not eligible to enroll in the Parking FSA.

Retirement and Savings

FDIC employees are covered by one of the Federal retirement systems and/or Social Security. The type of appointment and employment history of prior Federal Service determines retirement coverage. The Federal Employees Retirement System (FERS) and the Civil Service Retirement System (CSRS) provide a monthly benefit to retirees who have met the eligibility requirements for retirement. The amount of the annuity benefit is computed using a formula based on two factors: length of Federal service and average salary computed over the highest three years of consecutive service. The CSRS is a defined benefit plan. FERS is a defined contribution plan where the FERS annuity is supplemented by Social Security and the Thrift Savings Plan to provide a complete retirement benefit.

  • Federal Thrift Savings Plan
    Employees may contribute a portion of their basic pay to the Federal Thrift Savings Plan and those under FERS may receive agency matching contributions.
  • FDIC Savings Plan
    The FDIC also offers a 401(k) plan (FDIC Savings Plan) in addition to the Federal TSP. Eligible employees may contribute a portion of their pay and receive agency-matching contributions.
  • Military Service Credit
    Buy back military service for increased Federal Retirement Benefits. To receive FERS credit for military service performed after 1956, you must pay a deposit. Interest begins to accrue two years after the date first hired in a position subject to retirement contributions. After the 2 year grace period, interest is accrued and compounded annually at a variable interest rate.

NOTE: Qualified FDIC employees may participate in both the Federal Thrift Savings Plan and/or the FDIC Savings Plan, up to the Internal Revenue Code limitations established for salary deferral and annual additions.

WorkLife

  • Alternative Work Schedule
    FDIC employees have a variety of options to choose from in determining their daily work schedule. They include expanded starting and stopping time bands, pre-selection of a variable daily start time, pre-selection of a 30-, 45- or 60-minute lunch period, a compressed work schedule and a flexible work schedule (with credit hours).
  • Telework
    Telework is a voluntary program that allows employees (with supervisory approval) to perform official duties at home or at another approved alternative work site.
    The FDIC offers position-specific telework options.
  • Information and Referral and Employee Assistance Services
    FDIC Offers WorkLife Connections, a confidential information resource and referral service provided at no cost to FDIC employees. Services are available 24 hours a day, 365 days a year. Employees and their families have instant access to a variety of interactive tools, workshops, and resources that can help make life a little easier. Additionally, through this program, FDIC employees and family members are entitled to up to 6 free counseling sessions per individual, per issue, per year.

Holidays and Leave

  • Holidays
    In addition to vacation time, employees enjoy 10 paid federal holidays each year.
  • Annual Leave (Vacation Time)
    Employees accrue annual leave based on years of Federal service. Annual leave can be used as paid vacation time and time off for personal or emergency reasons: 4 hours per pay period for less than 3 years of service, 6 hours per pay period for 3 years to 15 years of service, and 8 hours per pay period for 15 or more years of service. Executive Managers earn 8 hours of annual leave upon appointment, regardless of their amount of Federal service.
  • Sick Leave
    Employees accrue four hours of sick leave per pay period. Typically, there are 26 pay periods in a year; therefore, employees accrue 13 days a year.
  • Paid Parental Leave
    The FDIC provides up to 12 weeks of paid leave following the birth of a child, or the adoption or foster care placement of a child.