Extraordinary people. Exciting possibilities. Your success is what's next with Comerica.
In the highly competitive world of financial services, there's one thing that sets a company apart-its talent. At Comerica, nearly 9,400 employees bring their expertise, enthusiasm and creativity to work every day and help create a force that's leading the industry.
We're committed to making Comerica a great place to work. A place you can be proud to be a part of, where your talents are embraced and your efforts are always encouraged and supported. We invite you to explore the award-winning culture, people, rewards and opportunities that make Comerica so special. Discover how you can be a part of what's next.
Discover benefits to keep you healthy, secure and balanced.
At Comerica, we're committed to helping employees succeed. With our generous offering of rewards and flexible benefits, the life you want to lead is achievable.
Besides competitive pay, our full-time employees can expect a total benefits and compensation package that includes the following:
- Employee Assistance Programs*
- Short-term Disability/Long-term Disability
- Life Insurance, AD&D, and Dependent Life*
- 401(k) Plan with Employer Match*
- Defined Contribution Retirement Feature
- Employee Stock Purchase Plan*
- Health & Dependent Care Flexible Spending Accounts, Commuter Benefits and Health Savings Accounts*
- Financial Product Discounts
- Paid Time Off Program*
- Paid Holidays*
- Group Legal
- Tuition Assistance Program (TAP)
*Benefits also offered to Part-Time Employees scheduled to work at least 20 hours/week.
Summary of benefits offered
Comerica provides employees a number of medical options. Coverage is available to you and your eligible dependents, including your children, your spouse or domestic partner. Comerica and you share the cost; your before-tax contribution varies with the medical plan you choose and selected coverage level.
Comerica provides employees with very generous dental benefits. Your before-tax contribution varies with the dental plan selected and coverage level chosen.
Comerica provides employees the opportunity to select coverage in a vision plan. There are two plans available, both with scheduled benefits for exams, lenses, frames and contact lenses.
Employee Assistance Plan
Comerica's Employee Assistance Plan (EAP) provides free, short-term, confidential help in resolving personal and work-related difficulties.
Personal Financial Management
Preferred Savings Plan 401(k)
Employees with six months of continuous service are auto-enrolled at a 2.0% deferral rate. Employer match for any participant up to the maximum of 100 percent of the first four percent of qualified earnings that have been contributed to the 401(k) plan (annual 2009 IRS compensation limit is $245,000) and, the match vests immediately for all full and part time colleagues.
Comerica offers several investment options for you to direct your contributions. You will be able to transfer your account balances between funds and change your payroll contributions on an ongoing basis.
Defined Contribution Retirement Feature
Full-time salaried employees hired after January 1, 2007 who are at least 21 years of age and have one year of service with Comerica will receive an annual company-defined contribution (based on age and years of service) that will be placed into an account established in their 401(k) account. Employees will have the same investment options that are available in the 401(k) plan and will manage the investment risk.
Employee Stock Purchase Plan
The Employee Stock Purchase Plan (ESPP) is an affordable program that offers an excellent opportunity for you to own Comerica stock. You are eligible to participate in the plan beginning two weeks after your hire date. Shares are purchased through payroll deduction on an after-tax basis. Comerica provides a 15% quarterly match and a 5% retention match.
Paid Time Off (PTO)
Paid time off is accrued based on the length of service with the company. Not everyone needs or wants the same amount of PTO each year. At open enrollment, you may have the opportunity to buy or sell up to five days of PTO time. Of course, you may also choose to keep your current accrued PTO time and not buy or sell any PTO days at all.
Comerica observes ten (10) paid holidays.
Career Growth / Development
Tuition Assistance Program (TAP), effective August 1, 2011
As a development and growth initiative, the Tuition Assistance Program (TAP) has been established to provide financial assistance to eligible full time employees who desire to obtain a business degree related to a current or anticipated future position at Comerica. The TAP provides for reimbursement of undergraduate or graduate tuition and certain other eligible expenses up to a maximum of $5,000 per calendar year. There is a lifetime maximum of $20,000 for each employee who participates.
This material is only a summary. If any information in this Benefits Summary conflicts with the official plan documents, the plan documents will govern in all cases. Comerica reserves the right to amend, modify or terminate these plans or policies at any time.
It's all about you.
Your ideas, spirit, vision and motivation-the great things that you have to share are the things we value most at Comerica. When you're here, you're encouraged to use your talents to help our customers, communities, shareholders and employees all achieve success.
When it comes to our employees, we encourage everyone to embrace the core values that have empowered us for 160 years-flexibility, adapting to change, customer service, ownership, teamwork, trust, integrity, diversity, learning and personal growth. Putting these ideas into action, we can realize our goals and so much more.
Comerica is your partner in developing a rewarding career. You'll find unmatched support through everything from multi-faceted training and mentoring programs to advanced education. And if you're wondering about rewards, we've got them too, including performance management tools that optimize and reward your career growth, outstanding benefits, competitive compensation and more.
We welcome the opportunity to strengthen the communities in which we live and work. Through contributions, partnerships and volunteer resources, we're helping build something we can all be proud of.
Economic assistance from Comerica has helped improve neighborhoods, provide seed money for small business owners and enables countless individuals to purchase their first homes.
Comerica Charitable Foundation.
Funded completely by Comerica Incorporated, the Foundation's mission is to enhance the success of communities where Comerica does business through grant making, partnerships and volunteer resources.
"We all know that when we truly reflect the demographics of our markets, we will better serve our customers, grow our business and build an even stronger organization. It makes good business sense."
Ralph W. Babb,Jr.
Chairman and Chief Executive Officer
As one of our company's core values, diversity standards recognize behavior that:
- Effectively utilizes and values similarities and differences in people to create a broad, richer work environment that encourages creative thinking and solutions.
- Recognizes and leverages the benefits realized from a broad range of ideas, viewpoints and backgrounds working together to produce superior products and services for a diverse marketplace.
- Embraces the inclusion of all talented and qualified individuals, regardless of differences in beliefs, experiences, backgrounds or physical characteristics.
- Treats all colleagues, customers and suppliers fairly, with dignity and respect.
Our goal is to create a workplace where the best talent seeks employment. We know that diversity in the workforce will support our mission of helping people to be successful. A diverse workforce will help by connecting us to a wider customer base, enhancing our community relations and enriching our pipeline of new ideas and approaches to customer service. Comerica is committed to ensuring a diverse workforce, inclusive of those who possess different ancestries, races, colors, religions, genders, national origins, ages, physical and mental abilities, medical conditions, veteran status, marital status, heights, weights, sexual orientations and gender identities. We actively recruit through a variety of diverse networks for the best candidates and provide a comprehensive benefit program reflecting the diverse needs of our employees. See our Career Center for more information.
We are committed to becoming the Financial Services Provider of Choice in the diverse communities we serve. We are especially proud of our marketing initiatives focused on the African American, Hispanic, Asian American, Arab and Chaldean American and Women's markets. Consistent with our core business focus on relationship banking, our objective in these initiatives is to increase customer access to experienced colleagues who understand the unique needs, perspectives and opportunities of individuals and businesses in these market segments.
We take pride in the support we provide to our multi-cultural communities. We know that by building strong communities, our company will grow stronger. We are proud to be a "Partner of Choice" in our communities. We support numerous programs and projects for housing, economic development, cultural and civic organizations, health and education. In addition to financial resources, our colleagues contribute their time and expertise to support many community organizations.
Education is a foundation for the success of our communities and consequently, our business. We enhance our schools' academic curriculum with supportive programs. In addition, we distribute programs that focus on increasing financial literacy across all ages in all of our communities. Many colleagues volunteer personally to conduct these programs in our communities.