Life Events >> Domestic Partner
Domestic Partner
Domestic Partner Background
- The term "domestic partner" was first used in 1982 as part of a lawsuit filed by the San Francisco Human Rights Commission.
- Since that time, several states followed with legislation recognizing domestic partners and domestic partnerships legally in several areas.
- Farm Credit Foundations medical, dental and vision plans have already implemented domestic partnership in states where legally recognized.
Domestic Partner Coverage Highlights
- Dependent benefits for domestic partners are available under the medical, dental and vision plans.
- Children of a domestic partner may be enrolled as long as the domestic partner is enrolled and the legal residence is the home of the employee. (This is similar to offering coverage for step-children.)
- Your share of coverage for your domestic partner will be deducted on an after-tax basis and the portion of the employer subsidy attributable to your domestic partner will be reported on your W-2 as taxable income.
- According to a Hewitt survey of 25 banking/financial industry employers, 52% offer domestic partner coverage for their employees.
Why is Coverage for Domestic Partners Offered?
- A key goal of Farm Credit Foundations is to remain competitive in employee benefits and to achieve economic value through efficient administration of these benefit programs.
- Benefits are designed with a focus on retention strategies for existing employees and strategies to attract new employees.
- This requires ongoing market review and sound market information.
- One of the best ways to attract diverse employees is to offer a comprehensive benefits package for health and retirement coverage.
- To foster Farm Credit�s diversity and inclusion efforts, we design our benefits package to appeal to everyone in order to maintain an edge in recruiting and retaining the best employees.
