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Best Employers for Workers Over 50

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Nevada Federal Credit Union

Winner: 2009 Best Employers for Workers Over 50

Winning Years: 2009, 2008
Industry: Financial Services
Location: Las Vegas
Website: www.nevadafederal.org

Highlights of 2009 Winning Strategies

Nevada Federal Credit Union has a Member Investments & Insurance Services department with an advisory team specializing in investments, insurance, retirement, estate and tax planning, and financial counseling. Employees are able to take advantage of these services. The company has a workforce in which one-third of the employees are age 50+. Their average tenure with Nevada Federal is slightly over 11 years.

Recruiting: Nevada Federal uses placement agencies for older job seekers to target mature workers and retirees. The company works with AARP in Nevada, Nevada JobConnect, the Nevada Office of Veteran Affairs, and local institutions of higher education to announce job openings.

Workplace Culture and Continued Opportunities: The learning and development programs Nevada Federal offers its full- and part-time employees include tuition reimbursement, in-house classroom training, on-line training, webinars, and certification classes. During the past 12 months, 100 percent of Nevada Federal employees participated in at least one of the training opportunities, so each employee spent an average 49 hours spent in training. In addition to formal development opportunities, the credit union has a Mentor Assistance Program (MAP), which matches each employee with a mentor for three weeks of one-on-one training.

Nevada Federal celebrates long-service anniversaries with announcements, parties, gifts, and awards. Specifically, Nevada Federal holds an annual TOPS event (Teamwork, Opportunity, Progress, Service) in which the credit union recognizes and rewards performance excellence, long-term service, and company success.

Employees can also gain experiences and develop new skills by working on temporary assignments in other departments, collaborating on team projects, and participating in the credit union's formal job-rotation programs.

Nevada Federal has made accommodations for employees who have physical or emotional conditions that have made it difficult for them to perform their jobs. The company has worked with such employees by ensuring that they take full use of their leave benefits. The credit union has also adjusted these employees' work status, workday schedule, and has rehired qualified employees who had to leave due to special circumstances.

Benefits/Health: Full- and part-time employees (working 18+ hours per week) receive individual and family medical, prescription-drug, vision, dental, and short- and long-term disability coverage. All employees can choose individual long-term-care insurance. Health benefits for retirees age 65+ include individual and spousal medical and drug coverage, vision and dental insurance, long-term-care insurance, the services of an employee assistance program, and individual life insurance or other death-benefit coverage. New hires are eligible for all of the above benefits upon retirement. The company offers employees a flexible spending accounts (FSA) and a health-reimbursement accounts (HRA) to assist in covering out-of-pocket health-care costs.

Benefits/Financial: Nevada Federal offers all employees an employer-matched, defined-contribution plan. The credit union automatically enrolls all employees in the plan. Employees can choose to invest in life-cycle funds to reallocate assets based on their age or proximity to retirement, and employees age 50+ can make catch-up contributions. 

Nevada Federal's 401(k) plan provides hardship loans. Credit union staff members, representatives of the financial services firm that administers the 401(k), and external financial-planning experts provide financial-planning information to employees.

The credit union offers paid time off and short- and long-term leaves of absence without pay to assist employees with caregiving responsibilities. … Back to Article

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