Careers at the OCC:
Benefits*
Although the OCC is a part of the federal government, it has a more flexible salary and
benefits program. Many benefits are paid for by the OCC, at no cost to its employees, while others are
generously subsidized by the agency. Here is a list including the major available benefits. Click
below to get the details.
* 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.
Medical
Employees are offered a choice of plans and options. The OCC contributes about 80 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.
Dental
OCC provides dental insurance coverage to employees and their families at no cost to the employees. 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 rendered by a network dentist are covered in full; other restorative services may be subject to a deductible and coinsurance. Under the dental managed care plan, a primary care dentist must be chosen 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 to help employees and their families avoid more serious dental work later on. The plans provide coverage for diagnostic services as well as major and minor restorative services.
Vision
OCC provides vision care coverage at no cost to employees and their families. Coverage includes an eye examination and eyeglasses or contacts in lieu of eyeglasses at minimal out-of-pocket cost once every 12 months. Employees may choose to have services rendered by a participating provider who will extend an additional discount and take care of filing the claim.
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 also available for the eligible family members of OCC employees.
Accidental Death and Dismemberment Insurance
Employees are offered worldwide, 24-hour protection against accidental death and dismemberment. 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.
Business Travel Accident Insurance
This coverage protects employees in case of accidental death and dismemberment while traveling on official business or while on OCC premises performing official duties. OCC pays the entire cost of this benefit. Coverage also extends to the employee's spouse, domestic partner, and dependent children during relocation visits and when invited to attend OCC-sponsored conferences, meetings, etc.
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, and the OCC Employee Assistance program at no cost to the employee. 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.
Flexible Spending Accounts
The Flexible Spending Account Program allows employees to contribute a portion of their wages on a pre-tax basis to a Health Care or Dependent Care FSA, or to both, to pay for eligible out-of-pocket health care and/or dependent day care expenses.
Parking Flexible Spending Account
The Parking FSA allows employees to contribute a portion of their wages on a pre-tax basis to an FSA to pay for eligible parking expenses related to their commute to work.
Life Cycle Account
The OCC provides employees with an annual benefit allowance intended for lifestyle purposes that they can elect to deposit into either a health care or dependent care FSA, or receive in cash.
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 is comprised of three components. They are:
- Social Security Benefits
- Basic Benefit
- Thrift Savings Plan (TSP), which is similar to a 401(k) plan
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 provide employer automatic contributions and matching contributions. 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.
Disability Programs
Employees are automatically covered by OCC's Long-Term Disability Insurance Program. 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. Coverage is at no cost to employees.
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.
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, civilian, or military service is counted toward the annual leave account.
Sick leave accrues at a rate of 13 days each year with unlimited accrual.
Ten paid holidays are granted each year.
Physical Exam Program
The OCC Physical Examination Program (PEP) allows employees to be reimbursed for out-of-pocket expenses associated with a routine annual physical examination. Employees can be reimbursed up to $200.
Public Transportation Subsidy
This program provides OCC employees with a nontaxable subsidy in transit media for use on established public transportation systems to commute to and from their regular place of business.
Travel Impact Award Program
This program is designed to recognize some of the hardships associated with the high level of travel performed by certain
OCC employees. The amount of the award is based on the number of nights employees spend in official travel status performing direct bank supervision work.
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.
Compressed 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.
Employee Assistance and Worklife Programs
The OCC's Employee Assistance Program (EAP) provides confidential professional assessment and referrals to help with problems of a personal nature, 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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