VALLEY FORGE, Pa., Sept. 14, 2016 /PRNewswire/ -- Vanguard has made enhancements to its employee benefits programs to better support its crew members (employees) at all stages of their life and careers. The changes focus on four important events that nearly all employees will experience: continuing education, welcoming children, acting as a care giver, and transitioning after a career at Vanguard.
"Vanguard's crew members dedicate their workdays to serving our clients and giving them the best chance for investment success." said Vanguard CEO Bill McNabb. "We have long been proud of our excellent benefits program and long tenured crew, so it is vitally important that we continue to support them at every life stage they experience during the time they work at Vanguard."
Among the enhancements to Vanguard's benefits program:
- Best–in-class parental leave. New parents will now be eligible for six weeks of fully paid time off, and mothers giving birth will be eligible for up to sixteen weeks with an increased disability benefit. Crew members becoming a parent through adoption and surrogacy will receive assistance with associated costs, in addition to being eligible for equal time off. Recognizing that flexibility is key to a successful transition to parenthood, parents can each take the time off in increments that enable them to be home when they determine it is most needed.
- Exceptional education assistance. Crew members within five years of their graduation date from an undergraduate or graduate degree can now take advantage of a new student loan repayment plan that provides a $100 per month payment to loan servicers for a six-year term. In recognition of the high costs of higher education and the impact on an individual's overall financial wellbeing, a revised academic assistance program offers more coverage and flexibility for employees and their children.
- A family first care policy. A new family care leave policy will give crew two weeks of fully paid leave per year to care for ill family members. The new leave will support our crew member's needs for this time away from the office. Increased bereavement leave will also give crew members five days and the flexibility they need following the death of a family member.
- Starting a new chapter off right. Vanguard offers comprehensive benefits that include a generous retirement plan and health care coverage. Retiring crew can now take fully paid COBRA healthcare benefits that further extend their current medical care elections through three months of retirement. Additionally, a severance program for qualifying separations now offers financial assistance, COBRA healthcare benefits, and assistance for those seeking new roles.
"We are providing employees with the better options that they told us they needed to achieve healthy work-life integration, given the many personal and family demands they will experience throughout their lives," said Kathy Gubanich, managing director, human resources. "These additions complement Vanguard's already strong rewards package, and we firmly believe we are offering new and existing crew a full suite of benefits that are both compelling and competitive."
With 14,000 crew members globally and $3.8 trillion in assets, Vanguard is one of the world's largest investment management companies and one of the largest employers in the Philadelphia region. Vanguard also has several thousand employees in offices in Charlotte, NC and Phoenix, AZ.
Vanguard is one of the world's largest investment management companies. As of July 31, 2016, Vanguard managed more than $3.8 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers more than 350 funds to its more than 20 million investors worldwide. For more information, visit vanguard.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/vanguard-enhances-employee-benefit-programs-300328021.html