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Benefit
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Summary
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Ultima Bank Minnesota covers 100% of the employee's premium for a High Deductible Health Plan, which is compatible with a Health Savings Account. In addition, Ultima Bank contributes to an employee's Health Savings Account. If an employee does not receive their insurance through our medical plan, 50% of the premium dollars and 50% of their Health Savings Account contribution will be applied to that employee's 401(k). |
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Vision Plan
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Provides scheduled benefits for eye exams. |
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Safe-Flex Plan
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This benefit allows employees to make before-tax contributions to health care and/or dependent care spending accounts, which may then be used to pay eligible health care and/or dependent care expenses. |
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Long-Term Disability
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Provides 60% of eligible compensation after 3 months of approved total disability. Employees are eligible for this coverage after one year of full-time employment. |
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401(K) Plan
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Employees may contribute 1% to 15% of certified compensation on a tax-deferred basis. Ultima Bank Minnesota contributes 3% of certified compensation. Employees are allowed to enroll in either January or July of each year, following the effective date of employment. Employee is 100% vested immediately. |
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Paid Time Off
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Each employee earns 10 days per year of vacation time, 3 days for personal time, 5 sick days and 10 holidays. |
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Education Assistance
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Ultima Bank Minnesota provides an Education Reimbursement Program for its employees. Each employee may receive reimbursement for up to 50% of the cost for eligible career-related expenses up to $250 per year. Each employee is encouraged to join the American Institute of Banking (AIB), which is designed to help bank employees further their banking education. Membership fees and tuition for all AIB courses are paid for by Ultima Bank Minnesota. |
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Employee Package
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Provides free checking and savings accounts. Discounted fees and Annual Percentage Rates (APRs) are available on certain loan products. |
