New hires are eligible for all of the above benefits upon retirement.
Flexible spending accounts (FSAs) and health savings accounts (HSAs) are available to assist in covering out-of-pocket health care costs. In addition, First Horizon provides employees with flexible dollars to help pay benefit premiums, or the funds can be deposited into an FSA or used to invest in the employees savings plan.
Free work and life benefits are offered to retirees and their family members through LifeWorks OneSource.
Benefits/Financial: Full- and Prime-time employees working 20 or more hours per week are offered a 401(k) plan with employer match as well as profit sharing or a similar plan. Employees age 50 and over can make catch-up contributions to their 401(k) plan and may choose to invest in lifecycle funds that automatically re-allocate assets based on age or proximity to retirement.
Employees are offered financial education from staff members and from external financial planning experts.
Short- and long-term leaves of absence without pay are offered to allow for caregiving.
Employees can donate a portion of their vacation time to the Vacation Donation Program and this time is then given to employees who have exhausted their own time off benefits.
Full- and part-time employees are offered flu shots, health screenings, health risk appraisals, smoking cessation programs, physical activity and weight loss programs, as well as stress management training.
First Horizon offers referral services to assist with child care, grandchild care and eldercare to its full- and part-time employees.
Benefits/Alternative Work Arrangements: Full- and part-time employees are offered flextime, compressed work schedules, job sharing, telecommuting and a formal phased retirement program. The formal phased retirement program allows regular full-time employees with one year of service the option of working reduced hours, moving to a prime-time status. Employees in the program elect to work a 20- to 32-hour week and continue to receive all full-time benefits. Full-time employees are eligible to move to part-time work on a permanent or temporary basis.
Opportunities for Retirees: First Horizon has 1,496 retirees and an individual directly responsible for retiree relations. The company stays connected to its retirees by communicating regularly, by inviting them to organization events, by providing retirees with ongoing access to retirement planning workshops and information, and by formally acknowledging retirees upon retirement. Retirees are offered the following work arrangements: temporary work assignments, consulting or contract work, telecommuting, as well as full- and part-time work.
Age of Workforce: Thirty percent of First Horizon employees are age 50 or above. The average tenure of those employees is 15.53 years.
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