Benefits for All Phases of Life
Here at the Federal Home Loan Bank of New York, we believe that success can’t come without growth
When you become part of our team, you are provided with career development benefits to help you progress while investing in your future. Our commitment to our employees is evident in the retirement and other benefits we offer which are designed to be as competitive, if not better, than our competitors.
In addition to offering standard benefits that other employers provide, the Federal Home Loan Bank of New York (FHLBNY) offers both a comprehensive pension plan and a 401K plan with a high match to employee contributions, detailed below.
Your Retirement Plan is completely funded by the FHLBNY. The pension calculation (annual retirement benefit) is calculated as follows:
Pension = 1.5% x Years of Benefit Service (30 years maximum) x Highest five-year average salary
Upon retirement, assuming you are vested, you will be eligible for a retirement benefit.
In addition to the pension plan, we also offer a 401K plan.
We contribute 150% of your elective contributions, up to 6% of your compensation.
If you choose not to contribute to your retirement fund, the FHLBNY will contribute 2% of your monthly salary, up to $75 per month.
Our Educational Development Assistance Program provides an opportunity for you to obtain additional education, at accredited institutions, in order to enhance your skills to help execute your current job responsibilities and to prepare you for possible future advancement.
We offer up to $20,000 per year in tuition reimbursement and up to $80,000 for undergraduate and graduate school reimbursement. Reimbursement for certifications are also available.
Healthcare and Other Benefits
In addition to the standard health care coverage, the FHLBNY also provides:
- Fitness center reimbursement
- Health Savings Account (HSA) – combines a health care plan with a tax-advantaged savings account that you can use to put aside pre-tax dollars to pay for eligible health care expenses for you and your eligible dependents, or save it for future health costs. FHLBNY provides a subsidy towards employee accounts which roll over annually and are subject to interest accrual.
- Vacation and ten holidays
- Internal training and development
- Employees Assistance Program (EAP)
- Wellness programs, meditation space and prayer space available
For more information on Work/Life Balance Benefits, see our Collaboration and Culture page.