Many benefits are provided through the bank's cafeteria benefits plan, and employees are allowed to make elections on what benefits they receive.
Each qualified employee is allocated an amount of flex credits, which can be used for:
- Medical or dental insurance
- Group term life insurance
- Group long-term disability insurance
- Vision insurance
- Certain health care expenses
- Dependent care expenses
- Additional paid time off (PTO) day
Flex Credits not allocated to the listed benefits are paid to employees as taxable compensation.
Qualified employees receive coverage on the first day of the month following employment.
Paid Time Off (PTO)
Qualified employees earn PTO based on hire date and seniority. PTO may be used for vacation, illness, appointments, emergencies or time off to care for dependents, or other needs that require time off from work. PTO is available for use after 90 days of employment. Part-time employees who work at least 20 hours (but less than 30 hours) per week earn a reduced PTO benefit.
Bank Iowa observes national holidays as determined in local markets.
Qualified employees receive up to three days of paid leave upon the death of an immediate family member.
Qualified employees may elect to use Flex Credits on life insurance.
Qualified employees may elect to use Flex Credits to purchase disability insurance. Employees who are unable to perform work due to total disability qualify for insurance compensation after 180 days of disability.
Flexible Spending Accounts
All qualified employees are allowed to participate in flexible spending accounts that allow the employee to designate funds, pre-tax, from their salary to pay for dependent care or certain medical expenses. Flex Credits may be allocated to flexible spending accounts.
Qualified employees may purchase insurance plans that include cancer, accident, critical illness, heart/stroke, term life and universal life.
Employee Assistance Program (EAP)
Bank Iowa offers employees the services of Employee & Family Resources, Inc. (EFR). They provide personal, caring EAP support to employees and their families during the most difficult and sensitive times of their lives. Free assistance is available for any kind of personal or work-related problem.
- Coffee/soft drinks provided for breaks
- Free checking account
- Free checks
- Free cashier's checks
- Free safe deposit box
- Group social functions
- Bank logo apparel
Qualified employees are eligible to defer income into the 401(k) plan immediately upon hire. After completing 1,000 hours of service in a 12-month period, 12 months of employment and reaching the age of 21 years, qualified employees are eligible for the company match to the 401(k) plan. Bank Iowa will contribute a 50% match up to six percent of an employee’s 401(k) contribution.
Employees who are actively employed on December 31 are eligible to participate in the company’s additional discretionary percentage contribution profit sharing program.