Farm Credit Foundations is a collaboration of Farm Credit employers who have come together over the past decade to create centralized HR shared services, focused on meeting their own human capital needs. Farm Credit Foundations is an extension of your Human Resources Team and here to support you as a Farm Credit employee with your payroll and benefit programs.
Your future Farm Credit employer believes in offering worry-free benefits that provide safety, security and peace of mind for you and your family. Through comprehensive Total Rewards, access to financial tools and support, and personal services, our benefits demonstrate the belief that employees’ health and financial well-being are of primary importance. No matter where you are on life’s continuum or what life transition you experience, the benefits provided support your health care needs and you are guided along the path for retirement.
Who is Farm Credit Foundations?
Some of your benefits are employer-provided, which means your employer pays the entire cost for you. Other benefits are employer-subsidized, which means your employer will pay a substantial portion of the cost of your coverage. Additional benefits are optional—you pay the full cost, but you save money by participating in group coverage offered through your employer.
You are eligible for benefits if you are employed by a Farm Credit employer that participates in the Farm Credit Foundations benefit plans and you are:
Eligible dependents include:
Your New Employee enrollment period is the first 45 days of hire.
Benefits will be effective the 1st or 16th day of the month on or following enrollment.
If you do not enroll within 45 days of hire, you will automatically be enrolled in the employer-provided benefits (Basic Employee Term Life and Accidental Death and Dismemberment, Business Travel Accident, Long-Term Disability Insurance and the 401(k) program). Once enrolled, your election is irrevocable unless a qualifying change of status occurs or you must wait until the next annual enrollment period to make changes.
All employees have the opportunity to re-elect or make changes to benefit elections during Annual Enrollment each November.
You have two medical plan options to choose from that are both Consumer-Driven Health Plans (CDHP). This means your premiums (payroll contributions) are lower, but you pay the full cost of all non-preventive care services until you meet the full deductible. Because these two plan options are CDHPs, they can be paired with a Health Savings Account which allows you to save for expenses on a tax-free basis for present and future health care expenses.
Overview of Medical Plans
If you participate in the Farm Credit Foundations Medical Plan, you are automatically enrolled in prescription drug coverage. The cost of your prescription medication will vary, depending on which medical plan you enroll in and the category of medication prescribed. Under both plans, you’ll pay the full cost of your prescription drugs until you meet your deductible.
Prescription Drug Overview
The Farm Credit Foundations 401(k) Plan is generous, competitive and flexible. All regular full-time and regular part-time employees are eligible to participate in the 401(k) Plan. Your employer will provide:
That means if you contribute 6%, your employer will contribute 9%. That’s a total of 15% each year … pretty amazing, huh?
You can choose between two plans:
Provides benefits for diagnostic, preventive and basic care (including exams, cleanings, fillings and X-rays).
Provides all of the above, plus offers coverage for a more extensive range of dental care including orthodontia.
When you are enrolled in one of the CDHPs, you’re automatically eligible for a Health Savings Account (HSA). An HSA allows you to contribute money in a tax-free account for present and future health care expenses. When you enroll in and contribute tax-free money into an HSA, your unused funds roll over from year to year. Also, if you ever leave or retire from your job, your funds go with you.
Flexible spending accounts (FSAs) let employees set aside money from their paycheck before taxes. They can use the money for certain eligible expenses.
Your vision plan through VSP offers coverage for you and your eligible dependents for eye exams, lenses, frames and contact lenses. VSP will also cover laser vision correction surgery at a discounted fee when you use a participating provider.
Vision Plan Overview
Employers participating in the Farm Credit Foundations benefit plans offer life insurance coverage for employees and their family members.
In addition to your health care benefits, you are automatically provided several other benefits and services – available at no additional cost to you.
For more information on vacation, sick time, short-term disability, etc. contact an HR representative within the hiring organization.