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LGBT Employees at Credit Suisse Benefit from Enhanced Offerings
Bank expands health coverage for domestic partners, adds transgender benefits

By SHRM Online staff  1/24/2011

Beginning in 2011, financial services firm Credit Suisse is offering enhanced benefits to employees with domestic partners and their families in the United States. According to a statement from the company, the benefits are the result of a collaborative effort between the bank's HR department and the Credit Suisse Americas LGBT Open Employee Network, an employee advocacy group.

The revised benefits package includes:

Enhanced health and welfare benefits for same-sex and opposite-sex domestic partners and their dependents to equalize the tax treatment related to the cost of benefits not available to them under federal law (known as tax "gross up").

New transgender benefits, including sex-reassignment surgery and related prescription drug treatment, will be covered under the medical plan.

"I am pleased that Credit Suisse has been among the first in the financial services area to ensure that its employees are treated equally in connection with these two important employee health benefit issues," said Anthony DeChellis, head of Credit Suisse Private Banking Americas and executive sponsor of the bank's LGBT Open Network.

"Credit Suisse believes that in order to achieve its business goals it must support the recognition, strengthening and leveraging of a healthy workforce with diverse perspectives and talents," according to the bank's statement. "The improvements to Credit Suisse's benefits package demonstrate the bank's commitment to responding to the needs of our employees."

Related Articles:

Barclays to Reimburse U.S. Workers for Taxes on Domestic Partner Benefits, SHRM Online Benefits Discipline, November 2010

Best-Practice Benefits for Same-Sex Couples, SHRM Online Benefits Discipline, July 2010

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