Benefits

Benefits for All Phases of Life

Here at the Federal Home Loan Bank of New York, we believe that success can’t come without growth.

When you become part of our team, you are provided with career development benefits to help you progress while investing in your future. Our commitment to our employees is evident in the retirement and other benefits we offer which are designed to be as competitive, if not better, than our competitors.

Pension Plan

• Your Retirement Plan is completely funded by the FHLBNY. The pension calculation (annual retirement benefit) is calculated as follows:
• Pension = 2.0% x Years of Benefit Service (30 years maximum) x Highest five-year average salary, plus Incentive Compensation.
• Upon retirement, assuming you are vested, you will be eligible for a retirement benefit.

401K Plan

• In addition to the pension plan, we also offer a 401K plan.
• We contribute up to 6% of your compensation.

Tuition Reimbursement & Certifications

Our Educational Development Assistance Program provides an opportunity for you to obtain additional education, at accredited institutions, in order to enhance your skills to help execute your current job responsibilities and to prepare you for possible future advancement. The Program provides reimbursement for a graduate degree program. Reimbursement for certifications is also available.

Healthcare and Other Benefits

In addition to the standard health care coverage, the FHLBNY also provides:

• Fitness reimbursement
• Health Savings Account (HSA)
• Health Reimbursement Account (HRA)
• Vacation and Federal holidays
• Internal training and development
• Employee Assistance Program (EAP)
• Wellness programs, meditation space and prayer space available

For more information on Work/Life Balance Benefits, see our Collaboration and Culture page.