Careers at the OCC:
Benefits*
Although part of the federal government, The Office of the Comptroller of the Currency (OCC) has a more flexible salary and benefits program. Many benefits are paid for by the OCC, at no cost to employees, while others are generously subsidized. The following describes highlights of the OCC benefits programs:
Medical
Employees have a choice of plans and options. The OCC contributes more than 84 percent of the cost, depending on the plan selected. Many plans are available to employees and their families, including:
- fee-for-service plans,
- health maintenance organizations (HMOs),
- consumer-driven,
- high-deductible health plans, and
- point of service plans.
Not all plans are available in all areas of the country. There are no waiting periods or exclusions for pre-existing conditions.
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Dental
OCC provides free dental insurance coverage to employees and their families. Employees may elect to participate in either a preferred provider/traditional dental plan or a dental managed care plan.
- The preferred provider/traditional plan allows a choice of a dentist from the preferred provider network or a non-network dentist. Routine services provided by a network dentist are covered in full; other restorative services may be subject to a deductible and coinsurance.
- Under the managed care plan, employees must choose a primary care dentist from the managed care network. Dental managed care benefits are subject to differing copays according to the eligible services.
Both types of plans emphasize preventive dental care and early treatment. The plans provide coverage for diagnostic services as well as major and minor restorative services.
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Vision
OCC provides free vision care coverage to employees and their families. Coverage includes an eye examination and prescription eyeglasses or contacts at minimal out-of-pocket cost once every 12 months. Employees may choose to have services provided by a participating provider who will extend an additional discount and take care of filing the claim.
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Group Life Insurance
Group life insurance is available to OCC employees either under the Federal Employees Group Life Insurance Program or through OCC's Group Life Insurance Program. Both of these programs provide excellent coverage at minimum cost to OCC employees. Additional coverage is available for eligible family members.
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Accidental Death and Dismemberment Insurance
Employees are offered worldwide, 24-hour accidental death and dismemberment insurance coverage. Employees may select self-only or self and family coverage. This plan pays benefits for accidental death or dismemberment in addition to other life insurance coverage. Employee cost varies according to the plan selected. The insurance provides excellent coverage at minimum cost to OCC employees.
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Business Travel Accident Insurance
At no cost to employees, the agency provides coverage for employees in case of accidental death and dismemberment while traveling on official business or while on OCC premises performing official duties. Coverage also extends to the employee's spouse, domestic partner, and dependent children during relocation visits and when invited to attend OCC-sponsored events.
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Retirement Program
All employees hired after December 31, 1983, are covered under the Federal Employees Retirement System (FERS). FERS is a contributory plan (mandatory employee and employer contributions) that provides benefits toward retirement (optional or disability) and for eligible survivors. FERS includes three components:
- Social Security Benefits
- Basic Benefit
- Thrift Savings Plan (TSP), which is similar to a 401(k) plan
In addition to the standard federal retirement program, the OCC also offers a separate 401(k) plan which allows employees to make pre-tax contributions to the regular 401(k) account as well as post-tax contributions to a Roth 401(k) account. Both the TSP and 401(k) plans include employer contributions and matching. Since both the TSP and OCC 401(k) are defined contribution plans, aggregate employee contributions to both plans are subject to the IRS annual elective deferral contribution limit.
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Domestic Partner Benefits
Employees with domestic partners and the children of domestic partners are eligible to receive a health insurance subsidy if they are not eligible for group health insurance coverage through another employer or covered under any other group sponsored plan. The amount of the subsidy will be determined annually.
Domestic partners and their children are also eligible for benefits under the OCC's Dental, Vision, and Business Travel Accident insurance programs as well as the OCC's Employee Assistance Program (EAP) at no cost to the employees. Coverage is also available under the OCC Group Life Insurance and OCC Accidental Death and Dismemberment Insurance programs at minimum cost to the employee.
For employees who relocate, the OCC provides domestic partners and their children with the same allowances, services, and benefits that are available to the spouses and children of employees.
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Health Care, Dependent Care, and Parking Flexible Spending Accounts
The Flexible Spending Account (FSA) Program allows employees to contribute a portion of their wages on a pre-tax basis to cover eligible out-of-pocket health care, dependent care, and/or parking expenses.
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Life Cycle Account
The OCC provides employees with an annual lifestyle subsidy that employees can elect to deposit on a pre-tax basis into their health care or dependent care FSA, or have the taxable amount deposited in their banking account.
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Disability Programs
Employees are automatically covered by OCC's Long-Term Disability Insurance Program at no cost. This benefit has a 90-day waiting period before benefits begin. If approved for disability, employees can receive up to 60 percent of salary. The program has a monthly benefit maximum and the benefit will be offset by other income sources, e.g., retirement benefits, workers' compensation, and social security.
Employees can elect to purchase coverage under OCC's Short-Term Disability Insurance Program, which can provide a weekly benefit of up to 60 percent of salary during the first thirteen weeks of a disability
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Vacation, Sick Leave, and Holidays
Vacation days (or annual leave) accumulate at a rate of 13 to 26 days each year depending on length of employment. Prior federal service, civilian service, and some military service are counted toward the annual leave accrual rate.
Sick leave accrues at a rate of 13 days each year with unlimited accrual.
Ten paid holidays are also granted each year.
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Physical Exam Program
The OCC Physical Examination Program allows reimbursement to employees for up to $200 of out-of-pocket expenses associated with a routine annual physical examination.
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Public Transportation Subsidy
This program provides OCC employees with a nontaxable subsidy for use on established public transportation systems to commute to and from their regular place of business.
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Travel Stipend
The program provides a per night stipend for travel in excess of 60 nights to help offset hardships associated with frequent overnight travel incurred by some OCC employees.
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Relocation Allowances
Available allowances for relocating an employee's household may include a pre-transfer trip, lump-sum allowance, home-finding assistance to buyers and renters, real estate closing costs, home-sale service, loss-on-sale protection, mortgage assistance, mortgage interest differential, mortgage subsidy, shipment of household goods, self-move, transportation to new residence, lodging and per diem en route, employment assistance for an employee's spouse or domestic partner, and a miscellaneous expense allowance. Benefits vary based on pay grade.
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Alternative Work Schedule
This alternative to the traditional workday allows many employees to work eight 9-hour days, one 8-hour day, and have one day off every two weeks. This is referred to as a 5/4/9 schedule. Employees may also be eligible to work four 10-hour days or a 4/10 schedule.
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Employee Assistance and Work/Life Programs
The OCC's EAP provides confidential professional assessment and referrals to help employees, 24 hours a day, 365 days a year. The program also provides resources and referrals for services such as daycare providers, elder care, and legal and financial advisors. EAP services are provided at no cost to employees.
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* This is a summary of the OCC's benefit programs. They are subject to amendments. In case of a conflict between this summary and the program or plan provisions, the provisions will prevail.
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