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Benefits comparison - banks

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  • Jun 9th, 2016 11:47 pm
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Aug 14, 2006
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Benefits comparison - banks

Hi guys, I'm currently working for a US-based schedule 3 bank looking to jump ship to a Big 5 bank (back office functional area role).

I currently have a standard health/dental plan, all corporate sponsored, including my spouse and children's coverage. Life insurance is 2x salary with additional coverage as optional.

Also got a taxable health spending account, 6 personal days in addition to eligible vacation time and flextime/work from home options.

Employer RRSP 1:1 match every pay up to 6% + 3% of all salary+bonus employer contribution at the end of each calendar year. No pension or maternity leave top up yet although that might be in the works.

Wondering if any of you happen to have an idea as to what the benefits structure for these big 5 are like?
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Aug 17, 2008
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sedated_xtc wrote: Hi guys, I'm currently working for a US-based schedule 3 bank looking to jump ship to a Big 5 bank (back office functional area role).

I currently have a standard health/dental plan, all corporate sponsored, including my spouse and children's coverage. Life insurance is 2x salary with additional coverage as optional.

Also got a taxable health spending account, 6 personal days in addition to eligible vacation time and flextime/work from home options.

Employer RRSP 1:1 match every pay up to 6% + 3% of all salary+bonus employer contribution at the end of each calendar year. No pension or maternity leave top up yet although that might be in the works.

Wondering if any of you happen to have an idea as to what the benefits structure for these big 5 are like?
The health/dental is standard.

The life insurance is optional and costs after-tax money. They also force LT disability on you, again, after-tax money. 3-4w vacation depending on how senior you are.

The only big difference, imo, is that the pension plan is DB.
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Aug 28, 2007
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A lot of this info can probably be found on Glassdoor for the Big 5 banks.

Also, as far as I'm aware, Health Spending Accounts shouldn't be taxable. Personal Spending Accounts are though.
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Apr 4, 2001
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bruizeman wrote: The health/dental is standard.

The life insurance is optional and costs after-tax money. They also force LT disability on you, again, after-tax money. 3-4w vacation depending on how senior you are.

The only big difference, imo, is that the pension plan is DB.
Which pension? Some if not all of the Big 5 now only have DC pension.
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mbg wrote: Which pension? Some if not all of the Big 5 now only have DC pension.
Didn't know about that conversion. Thanks.

I joined a few years back.
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Mar 8, 2015
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BMO and TD are DB pension, though i think they're nothing special.

Big 5 bank benefits are pretty standard as people have mentioned...all have the employee share purchase program where you can automatically buy shares @ 6% of your gross annual salary, the bank matches 3% (basically a 50% return), it's a very nice benefit if you're there long long term as you get the dividend growth as well, and i believe most if not all will let you do that plan out of an RRSP if you choose. If you're at BMO you can contribute to the share purchase right away, CIBC and TD you need to wait after your probation is done and scotia you need to wait a whole year.

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