Benefits

The Dime Bank pays 100% for vision insurance for all its full-time employees. Dependent coverage is available at the employee’s expense. Vision coverage is also available to part-time employees and their dependents. When you or your eligible dependents use a participating provider, you will receive up to full coverage of routine eye examinations, lenses, frames, and contacts subject to maximum reimbursements.

The Dime Bank is pleased to partner with you and Fidelity Investments in providing for your retirement. Our 401(k) plan offers you the convenience of auto enrollment for eligible employees following hire with a deferral rate of 5% unless otherwise directed. The Bank provides a Safe Harbor matching contribution on your behalf at a rate of 100% of the first 3% and 50% of the next 2% deferred following six (6) months of service. The bank may also make a discretionary profit-sharing contribution as provided by the plan and is determined at the end of each calendar year. Historically, this contribution has been between 1% and 4%.

PTO offers a flexible approach for your time off needs. It empowers you to be responsible for your time by providing you with the ability to use it for vacation, personal use, or illness. New full-time employees will immediately begin to accumulate PTO equivalent to 16 days per year. New part-time employees will immediately begin to accumulate PTO equivalent to 2 weeks per year. After 6 years, PTO accruals increase to a rate equivalent to one additional week of time per year.

The purpose of VTO is to support volunteer activities that enhance and serve the communities in which we live and work. This program is intended to create opportunities for employee engagement in the community that are meaningful, purposeful and will also help those in need. It is also recognized that, by participating in these activities/events it will deepen the bank’s roots within the community. Full-time employees receive 16 hours per year and part-time employees receive 8 hours per year.

The Bank provided the following paid holidays to all full and part-time employees:
New Year's Day, Martin Luther King Jr. Day, Presidents’ Day, Good Friday (one-half day), Memorial Day, Juneteenth Day, Independence Day, Labor Day, Columbus Day, Veterans' Day, Thanksgiving Day, and Christmas Day.

In the event that a full-time employee is unable to work because they are medically disabled beginning on the 8th day of disability. Short-term disability coverage will be paid upon approval from an insurance carrier at a rate of 70% of the employee's average hours worked 4 weeks prior to disability. Eligible employees medically disabled for more than 12 weeks are eligible to apply for long-term disability benefits on the basis of 60% of basic monthly earnings. Long-term disability benefits continue to age 65 or until your disability ends as defined in the contract.

The Dime Bank pays for group term life insurance benefits, with an accidental death and dismemberment (AD&D) feature, for all full-time employees. The amount of insurance is calculated at two times the employee's current salary up to a maximum of $100,000 of life insurance. This is a term insurance policy and has no cash surrender or paid-up insurance value. Optional employee, spouse and dependent life insurance is available at a cost to eligible employees.

As an employee of The Dime Bank, you are eligible to participate in the Flexible Spending Account Plan. A Flexible Spending Account enables you to set aside dollars from your paycheck on a pretax basis for your eligible out-of-pocket medical, dental, and vision expenses. These include but are not limited to office visit co-pays, prescription drug co-pays, dental, and orthodontia expenses. 

Dime Bank employees have the opportunity and convenience to purchase AFLAC insurance through payroll deduction. AFLAC policies pay cash benefits directly to you if you get sick or hurt. The money can be used to help pay for lost wages, out of pocket medical expenses, and everyday living expenses. All benefits are portable, and rates never increase. Plans include:

The ESPP is a convenient opportunity for all eligible employees to set aside funds, through payroll deduction, for the purchase of Dimeco, Inc. common stock without having to engage or pay a broker. Employees may elect to participate each June 1st and December 1st and have payroll deductions between 1% and 10% taken on an “after tax” basis for each subsequent payroll the following six months. Stock purchases will be calculated at 5% discount on each subsequent May 31st and November 30th. Employees may make one increase/decrease to their payroll deduction in each offering period as defined in the plan document and account statements are sent after each stock purchase to summarize the transaction.

 

Educational Assistance Program:

The Bank offers eligible employees assistance with their tuition as a means of encouraging them to further their education and improve their job effectiveness.  An "Application for Educational Assistance" form is to be completed by the employee prior to enrolling or registering for any courses and annually thereafter to gain approval for the upcoming year. 

The request is to be approved by the employee's immediate supervisor and forwarded to the Human Resources Manager.  All forms must be submitted to HR three months prior to the course beginning.  If approved, the Bank will provide educational assistance for college courses and/or other educational opportunities such as AIB courses as follows:

Associate or Bachelor’s  Degree:

Employees eligible for educational assistance towards an Associate OR Bachelor’s Degree must have attained full-time, regular status and at least one year of continuous, satisfactory service by the time the course begins.  The Bank will provide for the expense of tuition, textbooks, registration fees, and laboratory fees for these employees who wish to obtain an Associate or Bachelor’s degree in Banking, Finance, Accounting or other business-related degree.  Employees may take a maximum of 2 courses per semester with a yearly maximum of 6.  There is a $4,000 maximum annual calendar year reimbursement limit. Courses may not be taken if class hours conflict with the employee's schedule of standard hours. Employees are expected to purchase the most reasonable priced textbooks, including used books available online and in bookstores.

 

Eligible courses must be offered by an accredited institution and employees are expected to attend regularly scheduled classes as well as complete study assignments outside of their regular working hours.    It is expected that educational activities will not interfere with an employee's work, and unsatisfactory job performance during enrollment may result in forfeiture of educational assistance and/or employment termination.

Employee reimbursement for eligible educational assistance will normally be based upon the grade received for the course, as follows:

"A" or "B" grade - 100% of reimbursable costs;   

"C" grade - 80% of reimbursable costs;

“D” or “F” - 0% of reimbursable costs.

Employees seeking reimbursement for educational expense must submit to the Human Resources Department a certified transcript of their grades and receipts for the expense incurred.  The Bank will then reimburse the employee the applicable percentage of covered expenses.  

If an employee terminates employment within 12 months of a tuition payment, the employee will be required to reimburse 100% of the education expense. 

If an employee terminates employment between 13 – 24 months of a tuition payment, the employee will be required to reimburse 66% of the education expense.

If an employee terminates employment between 25 – 36 months of a tuition payment, the employee will be required to reimburse 33% of the education expense.

Employees who take courses at the request of management may be reimbursed for all costs in advance.  Employees who are terminated during enrollment because of a reduction in work force or elimination of their job, or who are unable to complete an approved course because of transfer within the Bank, will be reimbursed for the full amount of the costs incurred up to the date of termination or transfer.  The Human Resources Department will maintain records of all education programs completed by each employee.

Lackawanna College Business Partner Tuition Assistance:

• Full-Time employee at the beginning and end of each Fall or Spring semester
• Enroll with 6 – 10 credits
• At least 6 month’s full-time employment.
• Maintain a Grade Point Average (GPA) of 3.0 or better
• Enrolled in an approved degree program to include any Business, Accounting, Cybersecurity/IT.
• Complete the Free Application for Federal Student Aid (FAFSA) and apply for all eligible grants and external scholarships.
• Based upon grade attained, a promissory note will be required at the end of each academic semester in order to pay the deferred tuition as follows:

  • Grade for each course of 3.0 or better will be paid at 100%; grade of 2.0 – 2.99 will be paid at 80%.  Grade of less than 2.0 will not be paid via deferral.

  • Maximum payment will be $3,000 per semester.

   

Seminars, AIB/ABA Courses and PBA/ABA Schools:

Seminars:

In order to be eligible to attend any one- or two-day seminar, an employee must first successfully complete their introductory period, gain supervisor’s approval and submit information to the Training Department.

PBA/ABA:

Employees eligible for educational assistance for any PBA or ABA school usually will have attained at least three years of full-time status unless the employee is considered a candidate with high potential for future leadership or corporate officer of the Bank.  Senior Management will consider the benefits to be derived by the employee and the Bank, the employee's level of responsibility, and any potential lost time or productivity while the employee attends the program, referring to such things as:

Employee’s position and length of service,Subject and cost of seminar or school,Seminar or school location with estimated T & E expenses and,Other educational expenses paid previously with total costs for each. 

In addition to the benefits listed above, The Dime Bank provides the following: