Employee Benefits

A career at Salem Five comes with valuable benefits

At Salem Five, we believe in rewarding our employees with a comprehensive benefits package that meets—or exceeds—their personal and family needs. Employee benefits include:


Medical, Dental and Vision coverage

Salem Five offers a choice of comprehensive coverage options.

  • Medical coverage. Eligible employees can enroll in one of three Managed Choice Point of Service Medical Plans. Two are High Deductible Plans; all provide for a wide range of eligible medical expenses including preventive care, hospitalizations, doctor visits, surgery and emergency care
  • Prescription drug coverage. Medical coverage includes a prescription drug plan, allowing for prescription purchases through a retail pharmacy or through a mail-order program
  • Domestic partner coverage. We make medical benefits available to domestic partners and their children as part of our effort to maximize the effectiveness and value of the benefits program to our staff. All regular full-time and part-time employees who work 20 or more hours per week are eligible to enroll for domestic partner benefits in accordance with the policy guidelines
  • Dental coverage. Our dental plan helps eligible employees pay for a variety of dental services (including preventative, basic, major restorative, and orthodontic treatment) performed by a licensed dentist.  It’s a passive PPO plan that enables employees to take advantage of negotiated rates with select dentists as well as to access providers outside the selected network
  • Vision coverage. We provide coverage to eligible employees for eye exams and savings on glasses and contacts, as well as for discounts on additional pairs of glasses, non-prescription sunglasses, laser vision correction, and more
  • Health and dependent care Flexible Spending Accounts. Contributing to either a Health or Dependent Care Flexible Spending Account allows employees to set aside money on a pretax basis to reimburse themselves for certain eligible health and dependent care expenses (as defined by the IRS), thereby reducing taxable income


Disability and Life insurance coverage

We believe our employees should be protected against the unknown.

  • Disability coverage. Salem Five’s disability plans provide employees with protection for earnings should they become disabled, as defined by the Plan(s). Full-time eligible employees regularly scheduled to work 40 hours per week are automatically covered under the Short-term and Long-Term Disability Plans the first day of the month following three months of employment. Eligible employees may elect to participate in the Supplemental Accidental Death and Disability Insurance (AD&D), Spouse and or Child (AD&D) programs, each of which is employee-paid
  • Life insurance. Salem Five has life insurance coverage to help eligible employees plan for their survivors’ financial security. We automatically provide all employees (regardless of hours worked) with Business Travel Accident Insurance, and provide benefit-eligible employees with life insurance coverage of three times their annual salary, to a maximum of $250,000. Eligible employees may elect to participate in the Supplemental Life, Spouse Life, and or Child Life Insurance programs, each of which is employee-paid
  • Critical illness and accident insurance. Eligible employees have access to voluntary critical illness and accident coverage through Unum.  Coverage can be personalized and paid for through payroll deductions


Retirement benefits

Our Retirement Program is designed to help employees achieve financial security for retirement. It provides employees with a meaningful way to save for retirement by offering the following:

  • 401(k) contributions through convenient payroll deductions. Automatic enrollment in the plan at 3% with an Opt-Out Option upon hire or when plan eligibility requirements are met. You can defer from 3% to 75% of your eligible compensation on a pre-tax and/or Roth after-tax basis (subject to certain IRS limits)
  • Company-matching contributions. Employees are eligible for a company match on compensation earned and deferrals made as defined in the Plan Description
  • Catch-up contributions. If you are 50 years of age or older, you can make additional annual contributions on a pre-tax and/or Roth after-tax basis (subject to certain IRS limits)


Benefits that save you money and hassle

  • Legal insurance. Available to eligible employees who are interested in purchasing coverage for preventative legal services, motor vehicle legal expenses, trial defense services, IRS audit services and legal litigation services
  • InfoArmor identity theft protection. Each Salem Five employee and up to four household members can receive complete Privacy Armor at no cost to the employee
  • Auto and homeowner’s insurance discount. Personal property insurance, including home and auto insurance, is available to eligible employees at discounted rates through Salem Five Insurance Services
  • Pre-tax commuter program. Pay for qualified mass transit expenses with pre-tax dollars. This program allows employees to set aside pre-tax dollars for qualified commuting expenses (as defined by the IRS), thereby reducing your taxable income


Taking time off at Salem Five

It’s good to take some time now and then to recharge your batteries or care for yourself and your family.

  • Sick leave. Full-time and part-time employees will accrue up to five (5) paid sick days per calendar year
  • Holidays. Salem Five recognizes ten holidays: New Year’s Day, Martin Luther King Day, President’s Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving, and Christmas
  • Vacation and personal days. All full-time and part-time employees are eligible for paid vacation and personal time, according to the length of their employment


Healthy mind, healthy body programs

Our employees are Salem Five's most valued assets, and we’re committed to helping you stay fit both mentally and physically with these programs.

  • Employee Assistance Program (EAP). The EAP is a free, confidential program, available 24 hours a day, that’s designed to help employees and their eligible dependents manage a wide variety of personal issues ranging from career and family concerns to substance abuse
  • Fitness Reimbursement Program. Recognizing the importance of fitness as part of a healthy lifestyle, Salem Five offers eligible employees an annual reimbursement towards a fitness center membership or a qualified fitness-related expense. Employees can participate in the Fitness Reimbursement Program in addition to any discounts or reimbursements offered by their medical plan or any other related discounts available to Salem Five employees
  • Tuition Reimbursement Program. Under the Tuition Reimbursement Program, eligible employees who have one year of service, with manager's approval, may apply for reimbursement of 75% of certain costs associated with undergraduate or graduate courses at an accredited college or university that are work-related or part of a work-related degree or certification program. The graduate course limit is four
  • Learning and Development Program. The Learning and Development Group brings learning to life. Through on- the- job experience and our learning centers you’ll gain the skills and knowledge you need to move your career in the right direction. Both classroom and e-learning based are options to enable employees to develop the skills for goal achievement. Our learning specialists are excited to work with you!


Employee referral program

Salem Five employees continue to be our #1 referral of qualified candidates for employment.  We offer special payments for qualified employee referrals.


Lifestyle benefits

Working at a bank has actual banking perks, of course, as well as some fun benefits of being part of the Salem Five team.

  • Free Salem Five Gold Star Checking Account and ATM card(s)
  • Free online banking
  • Subsidized bank parking in Salem
  • Annual family summer outing
  • Annual holiday reception
  • Thanksgiving turkey or gift card

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SALEM FIVE IS AN EQUAL OPPORTUNITY EMPLOYER | FEMALE | MINORITY | VETERAN |DISABLED

Learn more about Salem Five's EEO Policy and Pay Transparency Nondiscrimination Provision.