Financial Wellness Benefits Guide
Supporting Your Total Wellness
|
We offer a wide array of benefits to support your financial wellness including help with managing your finances, Citadel 401(k) Retirement Savings Plan
If you are a regular employee and at least 18 years old, you are eligible to participate in the Citadel 401(k) Retirement Savings Plan (the Plan) on your date of hire. Your eligible compensation consists of your Base Salary plus any annual incentive award(s). Employees can make pre-tax, Roth after-tax or additional after-tax contributions up to the following limits: |
2024 Limits |
||
Pre-Tax Contributions |
Roth After-Tax Contributions |
Additional After-Tax Contributions |
|
$23,000 |
$15,000 (Citadel plan limit) |
|
|
$7,500 |
||
Employer Discretionary Match
Eligible employees will also receive an Employer Discretionary Match which is calculated on a dollar-for-dollar basis up to a maximum of 4% of an employee’s eligible compensation. The maximum Employer Discretionary Match for 2024 will be $11,200. The following also applies:
Employer Discretionary Match is calculated annually on December 31st of the year.
Employees must be actively employed on December 31st to be eligible to receive the Employer Discretionary Match.
Employees hired after July 31st of a year are not eligible for the Employer Discretionary Match that year.
The Employer Discretionary Match is deposited into your Fidelity account early in the following year (e.g. the Employer Discretionary Match for the 2024 plan year will be deposited in early 2025).
Rollovers
You have the option to roll over funds from other quality retirement plan funds into the Citadel 401(k) Retirement Savings Plan. Also, if you terminate your employment from Citadel or Citadel Securities, you may roll your vested account balance out of the Plan.
Vesting
The Plan applies a 3-year cliff vesting provision to the Employer Discretionary Match and any earnings on the Match, as follows:
Years of Service |
1 year |
2 years |
3 years |
|
0% |
0% |
100% |
Tax-Advantaged Accounts
Health Savings Account (HSA)
If you enroll in the new HDHP, you have access to an HSA. The contributions you make from your paycheck into your HSA are triple tax-advantaged, up to IRS limits. This means that your HSA contributions from your paycheck are made with pre-tax dollars, once in your HSA your contributions grow tax free, and distributions from your HSA for eligible expenses are made tax free. You can use the funds to pay for eligible out-of-pocket medical, dental and vision expenses. Visit Health Equity for a complete list of eligible expenses.
You can use your HSA money to pay eligible expenses for you, your spouse/partner and your tax dependents (including children you claim as dependents on your tax return, even if they’re not enrolled in the HDHP offered by Citadel and Citadel Securities*). Unlike Healthcare FSAs, HSAs are not pre-funded at the beginning of the year. This means you can’t spend your contributions until they are deposited into your account. However, your contributions will remain in your account until you use them. Additionally, if you leave the firm, you may transfer your current HSA funds to an outside HSA.
Your HSA contributions will earn a nominal interest rate while administered by Health Equity. Health Equity also offers investment options after your account balance reaches $2,000.
The annual HSA contribution limit is set by the IRS and tied to your medical plan election. For 2024, you can elect to contribute up to $4,150 (for individual medical coverage) or $8,300 (if you cover any family members).
|
If you are participating in the Healthcare FSA this year and do not spend your entire Healthcare FSA balance before the end of 2023, IRS rules prohibit the HSA administrator, Health Equity, from depositing your contributions into your HSA until the Healthcare FSA grace period is over on April 1, 2024. |
*IRS defines who can be a considered a dependent for the HSA, but in most cases the IRS definition of a dependent matches the HDHP definition.
Healthcare Flexible Spending Account (FSA)
If you are enrolled in the PPO plan, you have access to a Healthcare Flexible Spending Account (FSA). It enables you to reduce your taxable income by allocating pre-tax dollars to use towards eligible out-of-pocket medical, dental and vision expenses not covered by insurance. Refer to Health Equity for a complete list of eligible expenses.
For 2024, you can contribute up to $3,050 to your Healthcare FSA. Unlike the HSA, any 2023 Healthcare FSA funds that are unused on the deadline of March 31, 2025 will be forfeited ("use it or lose it"). Also, if you leave Citadel or Citadel Securities, your account balance is forfeited.
Limited Purpose Flexible Spending Account (LPFSA)
The Limited Purpose Flexible Spending Account (LPFSA) is designed to be used by those who enroll in the HDHP in conjunction with an HSA. Pre-tax contributions to your LPFSA can be used to pay for qualified vision and dental expenses not covered by insurance and eligible, post-deductible medical expenses.
For 2024, you can contribute up to $2,850 to your LPFSA. Similar to the Healthcare FSA, any 2024 funds that are unused on the deadline of March 31, 2025 will be forfeited ("use it or lose it"). If you leave Citadel or Citadel Securities, your account balance is forfeited.
Here are some illustrative situations when using an LPFSA in conjunction with your HSA might be beneficial:
You are financially able to contribute the maximum eligible amount to your HSA. Since your HSA contributions will roll over from year-to-year and the LPFSA contributions do not, it generally makes sense to fund your HSA first.
You know you will have high dental, vision and/or orthodontia expenses next year. Even though your HSA can also be used to pay for these types of eligible services, using an LPFSA allows you to save your HSA contributions for the future.
You need to have access to your entire LPFSA election amount at the beginning of the plan year. Like the Healthcare FSA, your entire annual LPFSA election is available to you on the first day of the plan year. HSA contributions are only available to spend once they are deposited into your account.
Dependent Daycare Flexible Spending Account (DCFSA)
The DCFSA is a tax-advantaged plan that reimburses you for eligible daycare expenses. This allows you and/or your spouse to work or go to school full-time. Eligible dependents include children under the age of 13, a disabled spouse, or an aging parent, provided you can claim the person as a dependent on your federal income taxes.
In 2024, you can contribute up to $5,000 to your flexible spending account.
For a more complete list of eligible expenses under the dependent care reimbursement account page on the Health Equity site.
|
You will have until March 31, 2025, to submit the necessary documentation to receive reimbursement for 2023 healthcare FSA and DCFSA expenses. Any unused funds in your FSA or DCFSA will be forfeited. |
Commuter Benefits
The commuter benefit saves you money by letting you pay for parking and transit expenses with pre-tax money. If you enroll, you will receive a transit/parking benefit debit card which will be loaded each month with the amount of your payroll deductions and the $50 mass transit subsidy. Employees then use the debit card to pay for their commuting costs as they would with any other credit card.
We also support the use of public transportation by providing a $50 monthly subsidy for transit expenses (parking expenses excluded). You must be enrolled to receive the subsidy.
You may participate in both the transit and parking programs for a monthly pre-tax maximum of $315 each.
|
Any pre-tax commuter or parking balances in your account are forfeited when you leave Citadel or Citadel Securities. Any after-tax commuter or parking balances in your account will be paid back to you when you leave Citadel or Citadel Securities. |
Income Protection
Short-Term Disability
Short-term disability (STD) insurance helps protect you if you can’t work for short periods of time due to illness or injury that extends beyond five consecutive workdays. The first week of your STD absence is unpaid and may be filled in with sick, personal or vacation days to continue salary. Your short-term disability begins after this unpaid week.
Our short-term disability policy pays benefits up to 12 weeks in a rolling 12-month period for eligible and approved disabilities based on the below schedule:
Length of Service |
Weeks @ 100% of Base Pay |
Weeks @ 60% of Base Pay |
| Less than 1 year of service |
6 |
6 |
| Greater than 1 year of service |
12 |
0 |
Long-Term Disability
Long-term disability (LTD) insurance is provided through Prudential. Employees are eligible for LTD insurance after three months of service (90 days).
Long-term disability insurance provides a monthly benefit should an employee’s disabling condition extend beyond the 12 weeks of short-term disability. All eligible employees receive a benefit of 60% of basic monthly earnings up to a maximum monthly benefit of $25,000. Benefits begin on the 91st day of an approved disability and continue until the approved disability ends, or until Social Security normal retirement age.
This is a company-paid benefit; however, you have the option of paying the premiums via payroll deduction to maximize after-tax benefits in the event of a disability.
Survivor Protection
Employee Life Insurance
We provide basic life and accidental death & dismemberment (AD&D) insurance coverage for all U.S. employees through Prudential.
The plan provides basic life insurance coverage of 1.5x earnings (annual base salary + most recent incentive award) with a maximum of $500,000.
You also have the option to purchase additional voluntary life insurance up to 10x (annual base salary + most recent incentive award) or $350,000. If you elect voluntary coverage, you may be required to provide a medical statement of health for underwriting approval.
Dependent Life Insurance
We also provide life coverage through Prudential for dependents: $10,000 for your spouse or domestic partner, $5,000 for each child. You also have the option to purchase voluntary dependent life:
Up to $500,000 for a spouse or domestic partner
$5,000, $10,000 or $25,000 additional coverage per child
To purchase voluntary dependent life insurance, you must also elect voluntary life insurance for yourself. The dependent life insurance benefit amount cannot exceed more than 50% of your own voluntary life insurance benefit coverage.
Business Travel Accident Insurance
We provide up to $1 million in business travel accident insurance and AD&D coverage for all U.S. employees and their family members traveling with them on business anywhere in the world. Business travel accident insurance is provided through the Chubb Group.
Baggage Delay Benefit: Get reimbursed up to $100 per day for up to five days for emergency purchase of essential items needed, in the event of a baggage delay on a common carrier.
Checked Baggage Benefit: Get reimbursed up to $1,000 (with a sub-limit of $250 for jewelry/watches and $250 for cameras/video recorders/other electronic equipment) in the event of direct physical loss or damage (including theft) to checked baggage and personal property contained in baggage while on a common carrier. The benefit is for actual cash value (replacement cost less depreciation) of the articles at the time of loss.
Other Financial Benefits
Personal Excess Liability Insurance
Personal liability lawsuits create significant financial exposures, and in such cases, personal liability insurance alone may not be enough. It helps to provide additional protection against financial hardship in case of a personal liability lawsuit.
Receive additional liability coverage of $1 million to $25 million for damages and costs you or a covered family member have to pay in a covered lawsuit (beyond what is covered under your primary auto, homeowners, renters, recreational vehicle, motorcycle and watercraft insurance policies).
This program is underwritten by The Chubb Group. The policy period is July 1 to June 30, but you may apply for this voluntary coverage at any time during the year for a prorated premium. Please note that all participants must maintain the following underlying limits of liability to avoid a gap in coverage:
Coverage |
Required Underlying Limit |
|
Homewners Liability (for all property owned or rented) |
$300,000 |
|
Recreational Vehicles Not Subject to Registrations |
$300,000 |
|
Automobile (including Recreational Vehicles Subject to Registration) |
$250,000/$500,000 Bodily Injury |
|
Liability and Uninsured/ Underinsured Protection |
$100,000 Property Damage OR $300,000 Combined Single Limit |
|
Watercraft Liability (under 26 feet and under 50 horsepower) |
$300,000 |
|
Watercraft Liability (26 feet or over 50 horsepower) |
$500,000 |
|
Homeowners Liability (for all property owned or rented) |
$300,000 |
|
Recreational Vehicles Not Subject to Registrations |
$300,000 |
Coverage Options for 2023-2024 Benefit Year
Personal Excess Liability Coverage Limit |
Annual Premium |
|
$1 million |
$780.15 |
|
$2 million |
$1,063.65 |
|
$3 million |
$1,276.80 |
|
$5 million |
$1,510.95 |
|
$10 million |
$2,544.15 |
|
$15 million* |
$4,476.00 |
|
$20 million* |
$8,213.10 |
|
|
|
*If you newly elect a liability limit of $15 million or greater, you must have your primary homeowner and auto policies with Chubb.
You can elect other options such as:
Higher limit of Excess Uninsured/ Underinsured Motorist (UM/UIM Protection): Your UM/UIM cannot exceed the liability limit:
$2,000,000 — additional premium of $153.30
$3,000,000 — additional premium of $306.60
$4,000,000 — additional premium of $639.45
Employment Practice Liability (EPL): Protection Against a Lawsuit by Your Own Household Staff
$250,000/$500,000 ($10,000 deductible) — additional premium of $1,170.75
Identity Protection
You can help protect your identity by enrolling in LifeLock. LifeLock is designed to minimize the risk of identity theft by monitoring millions of transactions every second, alerting you to suspicious activity by text, phone or email.
LifeLock protection is different than free credit monitoring and offers a full set of features to help protect against identity theft — including lost wallet protection, live U.S.-based member support, identity restoration specialists, data breach notifications and investment account activity alerts.
You can enroll or drop this coverage at any time on the Benefit Enrollment website. It’s also portable if you leave Citadel or Citadel Securities. This voluntary benefit provides U.S.-based employees access to the following enhanced plans for lower rates than what is available on the Internet:
LifeLock Benefit Elite starts by looking for suspicious uses of your demographic information (name, address, SSN, etc.) to get loans, credit and services in your name. In addition, it provides investment account activity alerts.
LifeLock Ultimate Plus provides enhanced services beyond financial and credit fraud. Extra protection includes bank account activity alerts, bank account application alerts, online credit reports and credit scores.
Special Benefit Pricing:
|
LifeLock Benefit Elite |
LifeLock Ultimate Plus |
|
Employee Only (18 and over) |
$3.92 |
$11.76 |
|
Employee + Family |
$7.84 |
$23.53 |
Student Loan Refinancing
You (and your family members) can receive a 0.25% interest rate discount when you refinance a student loan(s) through SoFi. You can apply through SoFi.
Features include:
5-, 7-, 10-, and 20-year terms on consolidation of existing loans (federal/ private)
No origination fees or pre-payment penalties
Portability at the existing rate should you leave the company
Travel Security
Employees who are traveling for business are protected through Global Rescue, the premier provider of medical, security, advisory and evacuation services worldwide. Global Rescue’s security services ensure that if you are trapped in a security situation, a team of special operations veterans will extract you and bring you to safety.
To receive assistance, you can contact Global Rescue via their app (instructions can be found on the intranet) or call them at 617-459-4200. You will need to identify yourself as a Citadel or Citadel Securities employee and share information about your emergency.
Global Rescue services are also available for employees and their families during personal travel. Before you travel, you will need to share your trip details with global security team at operations@globalrescue.com to receive coverage.
Pet Insurance
You have the option to enroll in pet insurance through MetLife. You may cover up to 90% of veterinary care expenses from licensed veterinarians, specialists or emergency clinics in the U.S. The premium will be based on the age, breed, location, and gender, as well as what coverage amount you select for each pet. MetLife will reimburse you within 10 days of your claim being processed.
Coverage options include:
Annual limit options range from $1,000 - $25,000
Deductible options include:
$0 - $750 (in $50 increments)
$1,000- $2,500 (in $250 increments)
Reimbursement options include: 65%, 70%, 80%, 90% and 100%