FASB: Benefits



Our Medical/Hospital plan, Oxford’s "The Freedom Plan," is designed to provide comprehensive coverage for you and your dependents for necessary medical services. It combines In-Network HMO coverage with Out-of-Network fee-for-service coverage.


If you need medical assistance, you must first contact your Primary Care Physician (PCP). If your PCP decides that you need to see a specialist, he or she will refer you (with a referral form) to a Network Specialist. Please note: Preventive care is covered as an In-Network benefit.


You may go directly to a Non-Network Provider for an office visit to receive eligible services. You do not need a referral from your PCP or precertification from Oxford; however, these visits will be subject to Usual and Customary rate limits, deductibles ($250 per insured individual) and coinsurance (20%). Once a total of $6,250 of eligible expenses have been incurred per individual ($18,750 per family), benefits will be paid at 100%.

A higher level of coverage for in-network benefits are available at an additional cost, under the Freedom Plan Select option.


Our dental plan with Delta Dental pays benefits for many of the charges incurred for the preventative and corrective dental care received by you and your eligible dependents.

You may choose any fully licensed dentist to render necessary services. Participating dentists will be paid directly by Delta to the extent that services are covered by the contract. Non-participating dentists will bill you directly, and Delta will make payments directly to you.

Preventive services are paid at 100% subject to Usual and Customary rate limits. After satisfaction of a $50 deductible per insured individual ($150 maximum per family), Basic services are paid at 80% and Major services are paid at 50%.

The annual maximum benefit for Preventive, Basic, and Major services is $1,000 or $1,500 per insured individual.


Vision care benefits are available to employees on a pre-tax payroll deduction basis. Vision coverage is provided by Spectera and includes network and non-network options for routine eye exams, lenses and frames, or contact lenses.

Flexible Spending Accounts (FSAs)

FSAs allow you to direct a part of your pay, on a pretax basis through payroll deduction, into a special account that can be used throughout the year to reimburse yourself for certain out-of-pocket health and/or dependent care expenses.

Pension Plan (Defined Contribution)

Under the TSA plan, monthly contributions from the FAF are deposited in an individual account under your name. Contributions and investment income are not taxed until you withdraw the money and may be eligible for rollover to an IRA.

Annual contributions to your account equal 5.5% of your base salary up to the Social Security taxable wage base ($87,900) plus an additional 11% of any base pay you receive in excess of the Social Security taxable wage base. You may direct the investment of monthly contributions among several options offered under the plan.

Supplemental Retirement Account (SRA)

SRAs enable you to conveniently build assets for retirement through automatic salary reduction. Your contributions, made through pretax payroll deductions, are deposited in a special tax-deferred account held with a designated custodian (TIAA-CREF, Fidelity, or Dreyfus). The maximum amount that you can have contributed depends on a number of factors, including income, length of employment, and contributions already made to your basic retirement plan. Since SRA contributions lower your taxable salary, you pay less taxes now. In addition, all earnings on your SRAs are tax deferred as well.

Life & AD&D

If you are a full-time, regular employee, the FAF provides you with group life insurance of two times your annual salary. If you are a part-time, regular employee, the FAF provides you with group life insurance of $5,000.

Long-Term Disability

If you are an active, full-time employee who has elected long-term disability, and are disabled as determined by a licensed physician, you are eligible to receive benefits upon your 181st consecutive day of absence due to the disabling illness. This plan provides benefits equal to 60% of basic monthly earnings not to exceed the maximum monthly benefit of $20,000. This amount is reduced by any amount paid or payable under the disability or retirement provisions of the Social Security Act (including any payments for eligible dependents) and Workmen’s Compensation or any Occupational Disease Act of Law, any State Compulsory Disability Benefit Law, and any disability retirement or other income benefits provided by or through the FAF.


Regular full-time employees receive eleven paid holidays per calendar year. Regular part-time employees receive the equivalent of 5.5 paid holidays per calendar year.


The FAF recognizes the importance of leisure time to you and your family. For this reason, you are encouraged to take your full allotment of vacation days each year. The number of vacation days per calendar year to which you are entitled depends on a variety of factors such as years of service, employment status, etc.

A Final Note

This information was designed to give you an overview of employee benefits at the FAF. Every effort has been made to accurately communicate benefits in this statement. The FAF reserves the right to correct any errors based on actual plan documents and insurance contracts.

Although it is our current intention to continue the benefits outlined in this statement, the FAF reserves the right to modify, suspend, or terminate benefits at any time to the extent permitted by law.