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 working 20 or more hours per week are automatically enrolled in the 401(k) savings plan. Eligible employees are auto-enrolled at a 5% personal contribution, however the bank will match the first 6% of employee contributions.
Depending on years of service and status, employees can accrue up to 288 hours 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 10 paid holidays per year, which is based on their weekly scheduled hours.
Employees working 20 or more hours per week receive basic group life insurance coverage at 2.5 times their annual salary. Coverage is effective the first of the month following or coinciding with six months of employment.
A group health plan is available to all employees working 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.
Employees may purchase a full-service dental plan through Delta Dental. The dental plan pays for up to two visits per plan year for diagnostic and preventive services in addition to an individual deductible with coinsurance payments on basic dental services, major restorative services, and orthodontia for children and adults.
Optional vision coverage is available for purchase through Vision Services Plan (VSP). Employees will have the option to choose between two plans, which include allowances for either contact lenses or glasses and the Premium plan pays for one upgrade per year. The plan also pays for an eye exam every year (following a $10 copay).
Flexible spending accounts allow eligible employees to pay for health care expenses and dependent care expenses with pre-tax dollars.
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.
First Interstate will contribute $1,500 per eligible dependent, up to $4,500 annually for eligible employees. Employee’s can contribute the difference up to the IRS maximum allowed of $5,000 ($2,500 if married filing separately). The Banks 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 a stipend of $25 per month, or $300 per year, toward a fitness club membership or exercise-related classes. The benefit is available to employees working at least 20 hours each week and having been employed for 90 days.
To assist employees pay 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. Employees also have access to a Student Debt Tool to track student loans in one place and learn about payment options. This benefit is available to employees who have completed one year of service with the Bank and are scheduled to work 30 hours or more per week.
To be of service is noble, and we recognize that the time and resources our employees dedicate to worthy causes is valuable. Donations of time and money are sacrifices, and our First Interstate Foundation aims to multiply an individual’s impact. Open to full- and part-time employees with at least 90 days of service with the Bank, the matching program is available for employee monetary gifts and volunteer hours donated to qualifying organizations.
Voluntary insurance options are offered through our participating vendor and include:
Additional Benefits Provided by First Interstate Bank: