Downey Savings has designed a comprehensive set of employee benefit programs, which supplement employees' regular wages. These Downey Savings benefits represent a hidden value of additional income (in most cases nontaxable income) to employees.

Medical, Dental and Vision Insurance

Eligible full-time employees may choose from certain medical and dental/vision plans. Dependent coverage is also available. Any employee charges used to pay for medical and dental/vision coverage will be deducted from your gross pay on a pre-tax basis.

Regular part-time employees who meet the eligibility requirements may choose from certain medical plans. Dependent coverage is also available. Any employee charges used to pay for medical and dental/vision coverage will be deducted from your gross pay on a pre-tax basis.

Basic, Supplemental and Dependent Term Life Insurance

Downey Savings provides Basic Term Life Insurance equal to the annualized midpoint of the job grade up to a maximum of $50,000 to eligible full-time employees. Eligible full-time employees can choose to purchase Supplemental Life Insurance (up to four times the annualized midpoint of the job grade) to a maximum of $750,000. Eligible employees can also choose from several different Dependent Life Insurance options to provide coverage for their spouse and/or eligible children. Supplemental and Dependent Life Insurance contributions are deducted on an after-tax basis.

Short-Term and Long-Term Disability Insurance

Downey Savings provides Short-Term and Long-Term Disability Insurance coverage for eligible full-time employees, subject to certain guidelines.

Flexible Spending Accounts for Health Care and Dependent Care

Eligible full-time and part-time employees may elect to contribute, on a pre-tax basis, up to $3,500 for eligible health care expenses and up to $5,000 per year for eligible dependent care expenses, subject to certain restrictions and guidelines.

Employee Assistance Program

The Employee Assistance Program is a confidential information and referral service designed for anyone who could use a little help in managing demanding everyday situations from counseling, resources for child/elder care, parenting, adoption, child development and family issues, education searches and more, which may be interfering in their personal lives or affecting their job performance.

Employee Checking & Savings Accounts

Employees are eligible for one (1) Downey Savings employee checking account and one (1) Downey Savings employee savings account free of charge.

Vacation Policy

Most full-time employees receive about two weeks per year of vacation. After five years of service, most full-time employees receive three weeks of vacation. After ten years of service most full-time employees receive four weeks of vacation.

Part-time employees accrue vacation according to the number of actual hours they work each pay period.

Holidays

Eligible full-time employees enjoy 9 paid holidays each year. In addition, a general floating holiday is allocated to eligible full-time employees who are actively employed as of January 1st each year.

Sick Leave Policy

Full-time employees on the payroll as of the first business day of any year will receive ten (10) sick days per calendar year. Employees hired after that day will receive a prorated share of sick days based on the first pay period in which they receive a paycheck.

Part-time employees on the payroll as of the first business day of the year will receive five (5) sick days per calendar year. Part-time employees hired after that day will receive a prorated share of sick days based on the first pay period in which they receive a paycheck.

401(k)

Employees satisfying age and service eligibility requirements can contribute from 1% to 60% of their gross compensation, subject to applicable Internal Revenue Service limitations. After one year of service Downey Savings will match 50¢ for each dollar you contribute, up to 6% of your pay contributed to the Plan. The Retirement and Savings Plan offers a variety of investment options to choose from.

Stock Purchase Plan

Employees may purchase the Downey Savings' common stock through payroll deduction on an after-tax basis. Downey Savings pays the broker fees associated with stock purchases.