State Street Expands Employee Benefit Policies
February 05 2018 - 10:04AM
Business Wire
Offers New and Increased Support for Surrogacy and Adoption
State Street Corporation (NYSE: STT) today announced that it has
broadened its US family support policies, effective January 1,
2018, in an effort to offer even more inclusive benefits to its
employees. The company will now offer four weeks of fully-paid
leave for employees who are primary caregivers to a child born via
surrogacy. This benefit is in addition to State Street’s existing
parental leave policy of eight weeks fully-paid time off for all
parents. While these types of paid leave benefits were previously
available after a year of service, employees are now eligible as of
their date of hire.
State Street has also instituted new and enhanced financial
support for employees starting or growing families with the help of
adoption services or a surrogacy arrangement. For the first time,
the firm is offering $20,000 in reimbursement for expenses related
to certain fertility expenses, such as surrogacy, beyond what is
offered through the firm’s medical plans. This is in addition to
increasing its maximum reimbursement on adoption assistance from
$5,000 to $20,000 per child. These benefits can be used once per
calendar year and, over the course of employment, employees are
allowed up to $40,000 in financial support for these benefits
combined.
“Twenty five years ago the Family and Medical Leave Act (FMLA)
was established to balance the demands of the workplace with the
needs of families,” said Kathy Horgan, chief human resources and
corporate citizenship officer at State Street. “We are devoted to
continuing what the FMLA started all those years ago and supporting
our employees’ evolving needs. The changes announced today are a
direct reflection of employee input and our commitment to offering
inclusive family support benefits.”
The new policies build upon State Street’s current offerings to
employees, which include:
- Adoption benefits, including
four weeks of fully-paid leave
- Paid parental leave, providing
up to eight weeks of paid leave for all parents, in addition to any
benefits available through short term disability for childbearing
mothers or adoption/surrogacy leave
- Paid family caregiver leave,
providing employees four weeks of fully-paid time off to care for a
spouse, domestic partner, child or parent with a serious health
condition
- Flex work program, offering five
formal flex work options including flex place (remote working),
flex time, compressed schedules, reduced schedules or
job-sharing
For more information on State Street’s benefits click here:
http://www.statestreet.com/about/careers/benefits.html.
About State Street CorporationState Street Corporation
(NYSE: STT) is one of the world's leading providers of financial
services to institutional investors, including investment
servicing, investment management and investment research and
trading. With $33.10 trillion in assets under custody and
administration and $2.80 trillion** in assets under management as
of December 31, 2017, State Street operates in more than 100
geographic markets worldwide, including the US, Canada, Europe, the
Middle East and Asia. For more information, visit State Street’s
website at www.statestreet.com.
* AUM reflects approx. $35 billion (as of December 31, 2017)
with respect to which State Street Global Markets, LLC (SSGM)
serves as marketing agent; SSGM and State Street Global Advisors
are affiliated.
Important InformationAll information has been obtained
from sources believed to be reliable, but its accuracy is not
guaranteed. There is no representation or warranty as to the
current accuracy, reliability or completeness of, nor liability for
decisions based on such information and it should not be relied on
as such.
2010927.1.1.NA.RTL
State Street Corporation, One Lincoln Street, Boston, MA
02111-2900.
© 2018 State Street Corporation - All Rights Reserved
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State Street CorporationJulie Kane, +1
617-664-3001JEKane@StateStreet.com@StateStreet
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