Farm Credit Foundations Benefits

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?

Overview Video

Benefits at a Glance

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:

  • A full-time employee (regularly scheduled to work at least 30 hours per week)
  • A part-time employee who is eligible for benefits (regularly scheduled to work 20 to 29 hours per week)


Eligible dependents include:

  • Spouse* (determined by the state in which you are married) or domestic partner** (domestic partner and common law spouse)
  • Children up to their 26th birthday regardless of marital or student status
  • Unmarried children age 26 and older who are physically or mentally challenged and depend on you for support; child must be incapable of self-sustaining employment because of a physical or mental disability

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.

View Coverage and Cost Information

 

Overview of Medical Plans

Overview Video

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.

Coverage

  • Generic preventive drug list: Covered at 100% with prescription (deductible does not apply)
  • Lifestyle drugs: You pay 100% of discounted price (does not apply to deductible or out-of-pocket maximums)
  • Generic, preferred brand, and non-preferred drug copay: Subject to medical plan deductible and coinsurance

 

Prescription Drug Overview

Overview Video

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:

  • A dollar-for-dollar match of up to 6% of your contributions.
  • A fixed 3% contribution of your eligible compensation whether or not you contribute

That means if you contribute 6%, your employer will contribute 9%. That’s a total of 15% each year … pretty amazing, huh?

Contribution Options

  • Pre-tax contributions—Reduce your taxable income. Subject to taxation upon withdrawal.
  • After-tax contributions—Pay taxes on contributions now (investment earnings subject to taxation upon withdrawal).
  • Roth 401(k)—In addition to elective pre-tax and after-tax 401(k) contributions, you are able to designate some or all of your elective contributions as after-tax Roth 401(k) contributions.

Vesting

  • 25% each year on anniversary date; fully vested after 4 years

 

401(k) Overview

Overview Video

You can choose between two plans:

Basic Plan
Provides benefits for diagnostic, preventive and basic care (including exams, cleanings, fillings and X-rays).

Comprehensive Plan
Provides all of the above, plus offers coverage for a more extensive range of dental care including orthodontia.

View Coverage and Cost Information

 

Dental Overview

Overview Video

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.

 

HSA Overview

Overview Video

Flexible spending accounts (FSAs) let employees set aside money from their paycheck before taxes. They can use the money for certain eligible expenses.

  • Limited Purpose Flexible Spending Account
    If you enroll in one of our medical plans, you can open and contribute to a Limited Purpose FSA. Funds from your Limited Purpose FSA can be used to pay for non-medical eligible charges, such as dental and vision.
  • Health Care Flexible Spending Account
    The health care FSA reimburses you for eligible health care expenses. You cannot be enrolled in a high deductible health plan to contribution to a Health Care FSA.
  • Dependent Care Flexible Spending Account
    The dependent care FSA reimburses you for expenses associated with the care of a dependent while you or your spouse work or attend school.

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.

View Coverage and Cost Information

 

Vision Plan Overview

Overview Video

Employers participating in the Farm Credit Foundations benefit plans offer life insurance coverage for employees and their family members.

  • Basic Employee Term Life and AD&D (Employer paid)
    • Your employer automatically enrolls you into a Basic Employee Term Life and Accidental Death and Dismemberment insurance policy equal to one times your total compensation, up to plan maximum of $1.5 million. This coverage is provided by your employer at no cost to you.
  • Group Universal Life (GUL)
    • You have the opportunity to elect GUL coverage in multiples of one to 10 times your Total Compensation, to a maximum of $1,500,000. GUL coverage of up to three (3) times your Total Compensation up to a maximum of $500,000 is guaranteed — no health questions or medical exam required — as long as you elect coverage within 45 days of your hire date.
    • Your spouse is eligible to elect GUL coverage in increments of $25,000 up to $250,000. Spouse GUL coverage of up to $50,000 is guaranteed — no health questions or medical exam — as long as you elect coverage within 45 days of your hire date or within 31 days after marriage.
  • Child(ren) Term Life
    • You can purchase child term life for your eligible dependent children. Coverage is available in increments $5,000, with a maximum amount of $25,000.
  • Optional Basic Employee Term Life and AD&D (Employee paid)
    • You can choose to purchase additional life insurance and AD&D coverage for an amount equal to one times your total compensation.
  • Accidental Death & Dismemberment
    • You can purchase optional coverage for yourself in increments of $25,000 up to 10 times your total compensation, to a maximum of $750,000.
  • Business Travel Insurance
    • You automatically receive Business Travel Accident coverage of three times your total compensation. This coverage is provided by your employer at no cost to you.
  • Long-Term Disability Insurance
    • Your employer provides you with LTD coverage equal to 66.67% of your total compensation to a maximum monthly benefit of $20,000.

 

In addition to your health care benefits, you are automatically provided several other benefits and services – available at no additional cost to you.

  • Wellness program – All employees and spouses or domestic partners enrolled in a Farm Credit Foundations medical plan can earn incentives by completing certain wellness activities. It’s a great way to take care of yourself and get rewarded when you do. Can’t beat that!
  • Employee Assistance Program (EAP) – The EAP offers confidential support for you and your family to help manage life’s ups, downs and changes. The EAP is available at no cost to you, 24/7.
  • Health Advocate – Included with your Farm Credit Foundations medical plan, this service provides access to medical professionals like registered nurses, social workers, and health and behavioral specialists. You also have access to Member Rewards, a cash reward program to promote consumer-based choice when it comes to your health care dollars.
  • ConsumerMedical – Get personalized, one-on-one support to help you and your family understand medial conditions and treatment options, find the most qualified doctor, get second opinions and more.
  • Virtual care from MDLIVE – Included with your Farm Credit Foundations medical plan, you can skip the waiting room and speak with a board-certified physician 24/7 from anywhere, for a small fee per virtual visit.
  • Virtual mental health care from MDLIVE – Speak with a therapist or behavioral health professional directly and from the comfort of your own space.

For more information on vacation, sick time, short-term disability, etc. contact an HR representative within the hiring organization.