BOSTON--(BUSINESS WIRE)--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 Corporation
State 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.
All 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.
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