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Employee Benefits

Whether you are just starting out in your career or you're a seasoned professional, employee benefits are a vital component of your total compensation. NWFCU caringly provides a comprehensive, competitive benefits package for you, your spouse and children. In addition to protecting you and your family's health and well being, we offer essential income and work/life benefits to meet your needs.

This site provides a general overview of the health care, income protection, investment/retirement and work/life benefits as well as some of the extras available. More comprehensive benefit materials are available upon hire. We encourage you to look through our benefit offerings and learn about how NWFCU cares about our people, their families and long-term well being. 

When you join the NWFCU team, you can expect great things, including:

Compensation
NWFCU provides a competitive compensation program. Full and part-time regular employees are eligible to earn performance-based increases once a year. NWFCU's compensation philosophy is to pay our employees at the 75th percentile of the financial market.  

Organizational Bonus
Full and part-time regular employees are eligible for an incentive bonus once a year. The incentive bonus is based on NWFCU's profitability and the employee's individual performance.  

401(k) Savings Plan
Northwest Federal Credit Union 401(k) Savings Plan was established to provide employees the ability to save for their retirement. Our 401k Plan allows employees to save up to the federal limits of their pay on a pre-tax basis. NWFCU matches 100% of the employee's contribution up to the first 4% of eligible compensation being deferred.  The match becomes fully vested after 3 years of employment.  Employees are eligible to enroll upon hire and become a participant at the beginning of the first quarter after the hire date (January 1, April 1, July 1 or October 1). The plan offers several investment funds in which employees may invest their contributions. Northwest Federal Credit Union accepts rollover contributions from other qualified plans such as from a former employer's plan.

Medical 
Full and part-time regular employees are eligible for medical insurance on the date of hire. NWFCU offers two separate plans; a PPO and an HMO plan through CareFirst Blue Cross Blue Shield. The employee and NWFCU share coverage costs. The employee covers 20% of the premium cost and NWFCU pays 80%. The employee's share of the premium cost is deducted on a pre-tax basis. Dependent children are covered up until the age of 23 whether full time student or not.

Both medical plans offer comprehensive care – including coverage for hospitalization, surgery, doctors' visits, prescription drugs, mental health and substance abuse care. What differs among the available plans are two features:

Dental Insurance
Under the dental program, there are five levels of service: 

Prescription Drug Coverage
The PPO and HMO plans provide prescription drug coverage, through which most drugs are covered at 100% after a co-payment of $5 for generics, $10 for preferred brand-name drugs and $25 for non-preferred brand-name drugs. Also offered is a mail order benefit, which provides a 90-day supply for two co-payments.

Vision Care Coverage
Vision care coverage is automatically offered through the Healthcare plan with the Davis Vision Plan. Discounts are offered by participating providers and eye exams are covered with a $10 co-payment. 

Health Care Reimbursement Account
A Health Care Reimbursement Account helps employees pay for eligible health care expenses such as deductibles, co-payments, and services that the employee or the employee's covered dependents' medical, dental, and vision care plans do not cover or cover only in part. Through payroll deductions, employees may set aside on a pre-tax basis up to $4,940 per year in this Flexible Spending Account (FSA).

Dependent Care Reimbursement Account
A Dependent Care Reimbursement Account helps our employees pay for eligible dependent care expenses using pre-tax dollars. Examples of eligible expenses include most forms of child care up to the age of 13, as well as certain forms of adult care necessary in order for the employee and their spouse, if married, to work or go to school full time. Through payroll deductions, the employee may set aside on a pre-tax basis up to $5,000 per year if single and $2,500 if married and filing separate returns.

Retiree Medical Benefits
Employees who retire from NWFCU (to be eligible to retire, an employee must have achieved 20 years of service and reached age 55) may elect to continue his/her medical benefits. NWFCU continues to pay the same portion of the employee's premium that it is paying for all full-time employees until the retiree reaches age 65. After age 65, NWFCU will pay 50% of the premium.

Income Protection Benefits
Short and Long Term Disability Insurance benefits are provided to all full-time regular employees at no cost to the employee. If the employee becomes disabled (as defined by the plan) and are unable to work as a result of an accident or illness while employed by NWFCU, the employee will have an income of 66 2/3% of their salary for Short and Long Term Disability while recuperating. Coverage is effective on the first of the month following the date of hire.

Life Insurance
Life insurance is provided at no cost to all full-time regular employees by the Credit Union. Benefits are equal to two times an employee's annual salary rounded to the nearest thousand to a maximum of $500,000. Life insurance is effective on the first of the month following the date of hire.

Educational Reimbursement
NWFCU supports continuous education through this program. Full-time regular employees are eligible for reimbursement for approved work related courses, seminars, and certifications. This benefit is available after successful completion of the 6-month introductory period.

NWFCU Membership Eligibility
All NWFCU employees are eligible to join the Credit Union and take advantage of NWFCU's financial services. Employees receive a $5.00 initial deposit in their share savings account and free checks.

Holidays
Full-time regular employees receive holidays (observed by the Federal Reserve) as time off with pay.

FUN Day
Full-time and part-time employees receive a “Fun Day” certificate each year during their birthday month. This “Fun Day” may be used as a paid day off within 30 days of the employee's birthday.

LifeWorks
The LifeWorks program is a 24-hour employee assistance program and resource and referral service designed to assist employees with a wide range of work/life needs including information on:

LifeWorks consultants are available 24 hours a day either by telephone or online to assist employees, and can be reached by calling their toll free number or visiting their website.  LifeWorks offers face-to-face sessions on specific issues, online articles, workshops, locators, free booklets, audio recordings and various materials to help you get the answers you need in the format you want.

Leaves of Absence
NWFCU conforms to the Family Medical Leave Act (FMLA) and offers several types of leaves of absence, including medical, military, personal and family leaves.

Vacation
Full-time regular employees earn vacation based upon length of employment. Part-time regular employees earn vacation based upon the number of hours they work. Employees may carry over a maximum of 240 hours of vacation into the next year.

Sick Leave
Full-Time regular employees accrue thirteen (13) days (104 hours) of sick leave per anniversary year, up to a maximum of thirty (30) days (240) hours.

Fitness Center
NWFCU 's on-site fitness center allows employees the chance to work out and stay fit by providing the full range of weight machines, treadmills, lifecycles and step machines. 

On-site Child Care Center
An on-site childcare center run by the Chesterbrook Academy is available at our Herndon campus. Priority enrollment and discounted tuition fees are given to NWFCU employees.

 

 

Northwest Federal Credit Union is an equal opportunity employer. In order to provide equal employment and advancement opportunities to all individuals, employment decisions at NWFCU will be based on merit, qualifications, and abilities. NWFCU does not discriminate in employment opportunities or practices on the basis of race, color, religion, sex, national origin, age, disability or any other characteristic protected by law. EOE/M/F/D/V

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