Employee Benefits
First-Class Benefits for First-Class Employees!


In addition to unique career opportunities, ColeTaylorBank provides employees with comprehensive insurance and retirement benefits that suit your personal and family needs.

Flexible Benefits Plan

  • Eligibility: All employees who work a minimum of 20 hours per week are eligible for benefits.
  • Benefit: ColeTaylorBank provides each employee with flex dollars to purchase the benefits they select. Coverage for all health and welfare flexible benefit plans begins after 30 days of employment.
  • Flexible Spending Accounts: ColeTaylor offers health care, dependent care, transportation and parking spending accounts which allow you to set aside a portion of your pre-tax income to reimburse yourself for eligible expenses.
  • Click to view our benefit choices Booklet.
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Medical, Dental and Vision Insurance
  • Medical: ColeTaylorBank provides an excellent medical benefits program that includes PPO and HMO options through Blue Cross/Blue Shield. Coverage varies and is extensive.
  • Dental: Excellent dental insurance coverage includes PPO and DMO options. These options provide coverage for preventive dental maintenance.
  • Vision Care: Vision care coverage is provided and includes in-network and out-of-network benefits

Group Life Insurance

  • Basic Life Insurance, Accidental Death and Dismemberment Insurance: Various coverage options are available for all policies.
  • Dependent Life Insurance: This insurance can be purchased for an eligible spouse and for each eligible child more than six months old.

Disability Insurance
ColeTaylorBank provides both short-term and long-term disability. Disability ensures that you receive a percentage of your salary if you become disabled.

Retirement Plans

Cole Taylor Bank offers a 401(k) plan as well as a Profit Sharing and Employee Stock Ownership Plan (PS/ESOP). In order to participate in both plans, an employee must be at least 18 years of age and have completed 30 days of service (as the Plan documents define). Note: Temporary employees are not eligible for retirement plans.

  • 401(k): Employees can contribute up to 75% of eligible compensation into the plan. The company provides a 401(k) match equal to 100% for the first 1% of compensation contributed (i.e. Match level 1) and 50% for the next 5% contributed (i.e. Match level 2). The first level of matching is 100% vested and the second level of matching has a vesting schedule of 20% each year an employee receives vesting (i.e. when an employee completes a minimum of 1,000 hours). Plan participation begins after completing 30 days of service. Catch up contributions are available to participants age 50 or more.

  • Profit Sharing and Employee Stock Option Plan (ESOP): An annual discretionary company contribution may be made to the Profit Sharing and ESOP Plan. The contribution can be in cash, company stock or a combination of both. In order to receive the PS/ESOP annual contribution, an employee has to be an "Active" employee as of December 31st and have completed a minimum of 1,000 hours for that year. Plan participation begins after completing 30 days of service. Participants earn 20% vesting each year they complete a minimum of 1,000 hours.
Additional Benefits
Look to ColeTaylorBank for a variety of benefits to help you balance your work and personal life.
  • Paid Time Off/Sick Time
  • Educational Assistance: Employees who have completed three months of service may be eligible for educational assistance at an accredited institution.
  • Employee Assistance Program: A confidential counseling and referral service to help an employee or family member find solutions to personal problems.

 

The policies and benefits summarized herein are not conditions of employment and are subject to change with or without notice. If there is a difference between this summary and those plans governed by legal plan documents, then the plan documents govern.


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