Benefits
For more detailed information, visit the Department of Administrative Services (DAS) web site
The State of Iowa’s commitment to its employees is demonstrated by the compensation and benefits package provided to you by the State of Iowa. In addition to your direct compensation as a State of Iowa employee, a significant amount is spent on the benefit plans available to you and your family. As a Division of Banking, Bank or Finance Bureau employee, you are an executive branch employee, non contract and non Merit.
Iowa Public Employees’ Retirement System (IPERS)
IPERS is a “defined benefit” retirement plan. A defined benefit plan uses a set formula to calculate benefits at retirement, providing a lifetime monthly benefit that cannot be outlived. You and the State of Iowa contribute a set percentage of pretax pay to IPERS. The deductions come out of the check automatically. More information is available at the IPERS website.
Health Insurance
Employees have two comprehensive health insurance plans from which to choose: a statewide plan and a nationwide plan. The cost of the premium is shared by the State and the employee.
Dental Insurance
The dental plan provides coverage for a broad range of preventive services and comprehensive coverage for most conditions requiring dental diagnosis and treatment, including orthodontic treatment for children.
Life Insurance
The State of Iowa’s life insurance plan provides your family financial protection in the case of your death. If you are a full-time employee, the life insurance plan provides you with a basic term life insurance benefit at no cost to you ($20,000). In addition, you have an opportunity to purchase additional life insurance coverage at very economical group rates through payroll deduction.
Long-Term Disability Insurance
The State provides you with long-term disability insurance if you become disabled. The State pays the full cost of this life insurance coverage. The State of Iowa’s long-term disability insurance provides for a monthly benefit of 60 percent of the employee’s annual earnings, up to a maximum of $36,000.
Employee Assistance Program
The Employee Assistance Program (EAP) is a confidential, professional service to help you and your family members deal with problems before they begin to affect your health, happiness, or success.
Employee Discount Programs
The Employee Discount Programs allow you to save money by offering savings on popular goods and services.
Flexible Spending Accounts
You may defer up to $3,050 per year for unreimbursed health and dental expenses on a pre-tax basis and up to $5,000 per year for dependent care expenses on a pre-tax basis.
Workers’ Compensation
All employees are covered by the State of Iowa Worker’s Compensation Law. The law covers on-the-job accidents and occupational diseases. Benefits are determined by the State of Iowa statute.
Retirement Investors’ Club (RIC)
The Retirement Investors' Club (RIC) is a voluntary retirement savings program that allows the employee to set aside a portion of their salary to help supplement the state-sponsored retirement plan and Social security benefits. There are no vesting requirements in this program. The State matches up to $75 per month.
Paid Time Off
- As a full-time employee, you will receive paid time off for vacation and sick leave. You will begin accruing two weeks of vacation and eighteen days of sick leave annually when you start. The amount of vacation you receive increases periodically after you have been employed a certain number of years.
- Employees also receive nine paid holidays each year; and two unscheduled holidays are added to the employee’s annual vacation accrual.
Comments about our culture
Thinking about the Iowa Division of Banking's culture, what would you want an applicant to know about working for the division?
"The IDOB provides a team atmosphere that allows you to develop individually in a professional environment."
"The Iowa Division of Banking is a great place to work with a positive team atmosphere, unlimited training opportunities, supportive colleagues, amazing benefits, and wonderful work-life balance."
"IDOB's culture is one that prioritizes a work-life balance. In addition, the level of support at all levels and/or regions within IDOB is unlike any other. There is always someone you can call to help with whatever situation arises."
Thinking about your professional responsibilities, what would you want an applicant to know about working for the IDOB?
"Iowa is a national leader in the banking industry and the IDOB holds great responsibility in assuring the safety and security of its community banks. As employees, we are constantly learning and growing to more effectively assist our banks and coworkers to serve our state community."
"IDOB staff have a strong reputation for being among the best in the banking industry. Supervisors and staff leverage their strengths and willingly teach co-workers to improve their capabilities. We use the team approach and rotate duties in an effort to be interchangeable in all aspects of an examination. This approach fosters team unity."
"Community banks in Iowa are quite diverse. The breadth of experience gained from examining such a large number of institutions makes the career unique. Knowledge expansion is rapid, with exposure to many areas."