Beginning next year, Bank One Corp. will give its gay and lesbian employees something they can really take to the bank: domestic-partner benefits.
"The benefits are scheduled to take effect Jan. 1, 2001 and will include medical, dental, vision and group legal coverage," said Stan Lata, vice-president of Media Relations for Bank One.
To qualify for DP benefits, which are also available to heterosexual employees, individuals must meet specific qualifications: the couple must reside together for at least six months; they cannot be related by blood to a degree that prohibits marriage; they can't be married to or registered for DP benefits with another person; they must be the age of consent and competent to enter into legal contracts; and they must be mutually responsible for each other's welfare and financial obligations.
The Chicago-based corporation, which is the nation's 4th largest bank holding company, unveiled its DP benefits package to the staff via an internal Intranet memo, released earlier this month.
"We are certainly happy to see this come about," said Tracy Adams, president of Bank One's gay employee organization EAGLE ONE ( Employee Alliance for Gay and Lesbian Equality ) . "We started pushing for this four years ago."
Adams was unable to speculate on the impact the DP benefits would have on the bank's employees.
"I couldn't even begin to guess how many [ employees ] will be effected by this, but I can tell you that the real impact of DP benefits is in creating a tolerant environment that is receptive to homosexuality," said Adams.
Lata echoed Adams comments, stating that while the percentage of employees taking advantage of the benefits would probably be minimal, the DP benefits package "goes along with Bank One's move to support all groups that contribute to the success of Bank One."
Bank One currently employs 82,500 individuals nationwide. Earlier this month, Money magazine chose Bank One as one of the top 50 companies in the Fortune 100 that offer leading benefits, particularly in the area of health, insurance, retirement and stock options.
"Our benefits, including our DP benefits, are so competitive because we want to be an employer of choice. We want to attract and maintain the best talent out there, and this is the way to do it. Employees often look not just at pay but at the benefits that are offered as well," explained Lata.
"This is something some other gay and lesbian employees and I have been striving for for a number of years," said an anonymous gay male employee who called Windy City Times. "It's exciting that it's finally happening."
Adams said there has been practically no backlash against Bank One since the DP benefits announcement was made. However, according to Adams, a newspaper article in Columbus detailing the gay-friendly benefits did prompt a few customers to threaten to "take their money elsewhere." Overall, the reaction to the announcement both inside and outside the company has been positive.
"Domestic-partner benefits are not nearly as expensive as some people may think," noted Adams. "Because many gay men and lesbians are single and may gays and lesbians who are in a couple are with spouses who already have a solid insurance plan. The DP benefits really act as a morale booster by sending a message to the public that Bank One says it okay to be gay."