Benefits Program
2013 – 2014 Plan Year
Benefits Offered
•
•
•
•
•
•
•
Health Insurance
Flexible Reimbursement Accounts
Virginia Retirement System
Optional Retirement Plan
Basic Life Insurance
Optional Life Insurance
Leaves
–
–
–
–
–
–
•
•
•
•
Family and Medical Leave Act
Virginia Sickness and Disability Plan
Traditional Sick Leave Plan
Annual Leave
School Assistance and Volunteer Service Leave
Military Leave
Long-Term Care
Deferred Compensation and Cash Match Program
Commonwealth of Virginia Provider Listing
529 Plan
Health Insurance - Eligibility
• Full-time salaried classified employees
(40-32 hours)
• Full-time Faculty
Health Insurance – Membership
Levels
• Single – Employee Only
• Dual – Employee and one dependent
(spouse or child)
• Family – Employee and two or more
eligible dependents
Health Insurance – Eligible
Dependents
•
•
•
•
•
•
Legally married spouse
Biological and legally adopted children
– May be covered until the end of the year they turn age 26
Stepchildren
– May be covered until the end of the year they turn age 26
Unmarried children of whom you have permanent sole custody
– Principal place of residence is with the employee;
– Member of employee’s household;
– Receive over one-half of their support from the employee and;
– Custody was awarded prior to the child’s 18th birthday
Unmarried incapacitated dependents age 26 and older
– Reside full-time with the employee (or the other natural/adoptive
parent)
– Employee provides more than half of the dependent’s support
Documentation required to enroll any eligible dependent in health
coverage!!
Health Insurance – Enrollment
Periods
• Newly Eligible
• Open Enrollment
• Qualifying Mid-Year Events (QMEs)
Health Insurance – Effective
Dates of Coverage
Newly Eligible coverage begins on the first of the month coinciding with or
following the date of employment if enrollment form is received within 30
calendar days of employment
Example: hired 2/10, submitted enrollment on 2/18 = 3/1 effective date
Example: hired 2/25, submitted enrollment on 3/5 = 3/1 effective date
Example: hired 2/1, submitted enrollment within 30 days = 2/1 effective
date
9 month faculty members – coverage continues through August 31 even if contract
ends May 15 and not re-employed on a full-time basis for the next year as long
as employee portion of premiums are paid for the summer months
Health Insurance – Enrollment
Periods
• If newly eligible employee does not
enroll within 30 calendar days of
employment, then s/he may enroll
during the next annual open enrollment
period or with a qualifying mid-year
event
Health Insurance – Open
Enrollment
• During the spring of each year
• Allows you to change plan and/or
membership selections
• Enroll or cancel coverage
• Changes effective July 1
Health Insurance – Qualifying MidYear Events
• Within 60 calendar days of qualifying event
• Allows for consistent changes
• Events include
– Marriage
– Birth/Adoption
– Divorce
– Termination or commencement of spouse’s employment
– Death of a dependent
– Dependent loses eligibility
– Going on or returning from an unpaid leave of absence
– Spouse’s open enrollment period differing
• Normally changes will be effective the first of the month
following receipt of the enrollment action
Health Insurance – Plan Options
•
•
•
•
COVA Care
COVA HealthAware
COVA HDHP
TRICARE Supplement Plan
Health Insurance –
COVA Care
•
•
•
•
No PCP requirement
No referrals
Blue Card PPO Network
Out-of-network defined by providers not a
geographical region
• Out-of network coverage for true
emergencies
Health Insurance –
COVA Care
• Co-payments
–
–
–
–
PCP - $25
Specialist - $40
Inpatient hospital - $300
Outpatient hospital and ER - $150
• Deductible
– $225 – individual
– $450 - family
• Co-insurance
• Out-of-pocket expense limit
– $1,500 per person
– $3,000 per family
• Wellness visits covered at 100% - no co-pay, no co-insurance
Health Insurance –
COVA Care
• Prescription Drug Program
–
–
–
–
Mandatory generic
Tier System
Mail Order for Maintenance Rx
Co-pays
• Retail pharmacy – up to 34 day supply
–
–
–
–
$15 – Tier 1
$25 – Tier 2
$40 – Tier 3
$50 – Tier 4 (Specialty drugs)
• Mail order – 90 day supply
–
–
–
–
$30 – Tier 1
$50 – Tier 2
$80 – Tier 3
$100 – Tier 4 (Specialty drugs)
Health Insurance –
COVA Care
• Dental Basic Services
– Diagnostic and preventive services
• Twice a year
• Paid at 100%
– Dental Maximum
• $2,000 annually
Health Insurance –
COVA Care
•
Options
– Out-of Network
• Access to providers outside Anthem/Blue Card PPO network
• Plan pays 75% - you pay 25%
– Expanded Dental
• Adds primary dental service coverage at 80% after deductible (fillings, root canals,
periodontal, etc.)
• Adds complex restorative service coverage at 50% after deductible (crowns,
dentures, and bridgework)
• Adds orthodontic services coverage at 50% up to a $2,000 lifetime maximum
• Provides $2,000 dental maximum annually
• Deductible - $50 single, $100 dual, or $150 family
– Vision and Hearing
•
•
•
•
1 eye exam every 12 months - $40 co-pay
Provides allowance for lenses, frames, and contacts every 12 months
1 hearing exam every 48 months - $40 co-pay
Provides hearing aids and other hearing aid related services up to $1,200 every
48 months
Health Insurance –
COVA Care
• Vendors –
– Anthem (medical, prescription drugs, and
behavioral health benefits)
– Delta Dental of Virginia (dental)
COVA Care Monthly Premiums
Employee
Only
Employee
Plus One
Employee
Plus Two or
More
Employee
Only w/
Reward
Employee
Plus One w/
EE or
Spouse
Reward
Employee
Plus One w/
EE & Spouse
Reward
Employee
Plus Two or
more w/ EE
or Spouse
Reward
Employee
Plus Two or
more with
EE & Spouse
Reward
COVA Care
$72
$164
$220
$55
$147
$130
$203
$186
+ Out-of Network
$85
$182
$245
$68
$165
$148
$228
$211
+ Expanded
Dental
$96
$210
$289
$79
$193
$176
$272
$255
+ Out-of Network
+ Expanded
Dental
$109
$228
$314
$92
$211
$194
$297
$280
+ Expanded
Dental + Vision
& Hearing
$110
$234
$321
$93
$217
$200
$304
$287
+ Out-of Network
+ Expanded
Dental + Vision
& Hearing
$123
$252
$346
$106
$235
$218
$329
$312
Health Insurance –
COVA HealthAware
• Consumer driver health plan that includes deductible, coinsurance, and Health Reimbursement Arrangement (HRA)
• The Commonwealth will fund an HRA of $600 for employees or
$1,200 for employees and enrolled spouses to help offset family
out-of-pocket costs.
• Employees and spouses may each receive up to $150 by
completing certain healthy activities called “do rights”
• If you add the “do right” rewards to the Commonwealth’s initial
HRA funding, you can save half of the cost of your plan
deductible
• Wellness and preventive services covered at 100% - including
an annual vision and hearing exam at no cost to members
Health Insurance –
COVA HealthAware
• Deductible
– Individual $1,500
– Family $3,000
• Out-of-Pocket Maximum
– Individual $3,000
– Family $6,000
• Health Reimbursement Arrangement
– $600 Employee
– $1,200 Employee & Spouse
• Co-insurance – plan pays 80% and you pay 20%, after
deductible
• Out-of-Network – Plan pays 60% and you pay 40%
Health Insurance –
COVA HealthAware
• How Does an HRA Work?
– The Commonwealth contributes to the HRA - no employee
contributions to the account
– HRA automatically pays expenses first
– Out-of-pocket plan costs such as the deductible and
coinsurance for medical, pharmacy and behavioral health
expenses can be paid from the HRA
– Money in the account rolls over into the next plan year if not
used by June 30th
– There is no need to file claims – HRA funds are
automatically dispersed for eligible out-of-pocket amounts
not paid by the health plan
Health Insurance –
COVA HealthAware
•
Options
– Expanded Dental
• Adds primary dental service coverage at 80% after deductible (fillings, root canals,
periodontal, etc.)
• Adds complex restorative service coverage at 50% after deductible (crowns,
dentures, and bridgework)
• Adds orthodontic services coverage at 50% up to a $2,000 lifetime maximum
• Provides $2,000 dental maximum annually
• Deductible - $50 single, $100 dual, or $150 family
– Vision
• Provides allowance for lenses and frames every 12 months
COVA HealthAware Monthly
Premiums
Employee
Only
Employee
Plus One
Employee
Plus Two or
More
Employee
Only w/
Reward
Employee
Plus One w/
EE or
Spouse
Reward
Employee
Plus One w/
EE & Spouse
Reward
Employee
Plus Two or
more w/ EE
or Spouse
Reward
Employee
Plus Two or
more with
EE & Spouse
Reward
COVA
HealthAware
$26
$78
$93
$9
$61
$44
$76
$59
+ Expanded
Dental
$50
$124
$162
$33
$107
$90
$145
$128
+ Expanded
Dental & Vision
$57
$137
$181
$40
$120
$103
$164
$147
Health Insurance - HDHP
•
•
•
•
•
•
•
•
Special health insurance plan for employees who want to open a
Health Savings Account (HSA) – employees enrolled in COVA are not
eligible for HSA
$1,750/$3,500 Deductible
80/20% Coinsurance
$5,000/$10,000 Out-of-pocket expense limit
100% wellness coverage
Out-of-network – emergency only
Blue Card PPO Network
Dental Benefits
–
–
–
–
•
$50/$100/$150 Deductible
100/80/50% Co-insurance
$2,000 Plan year maximum
$2,000 orthodontic lifetime maximum
Claims administrator for all services - Anthem
COVA HDHP Monthly Premiums
Employee Only
Employee Plus
One
Employee Plus
Two or More
COVA HDHP
$0
$0
$0
+ Expanded
Dental
$24
$46
$69
TRICARE Supplement Plan
•
TRICARE-eligible employees who are eligible for the state health
benefits program and are in one of the following categories may enroll
in this supplement plan:
– Military retirees with 20 years of creditable military service and entitled to retired
pay and their spouses/surviving spouses who are NOT eligible for Medicare
– Retired Reservists and National Guardsmen between the ages of 60 and 65 with
20 years of creditable service and their spouses/surviving spouses who are not
eligible for Medicare
– Retired Reservists and National Guardsmen under age 60 and enrolled in
TRICARE Retired Reserves (TRR) and their spouses/surviving spouses who are
not eligible for Medicare
– Military retirees and their spouses/surviving spouses who reside outside the U.S.
or its territories
– Military retirees and their spouses/surviving spouses age 65 or older but
ineligible for Medicare (all must have received a Statement of Disallowance from
Social Security Administration
TRICARE Supplement Plan
• No medical examination required for
enrollment
• No pre-existing condition clause
• Guaranteed issue
• Works with all three TRICARE options
(Standard, Extra, and Prime)
• Complete TRICARE Supplement Plan
enrollment form to enroll and provide
documentation if covering dependents
TRICARE Supplement Monthly
Premiums
Employee Only
$61
Employee plus One
$120
Employee plus Two or More
$161
Health Insurance
• Premium Conversion
– Health insurance premiums are
automatically deducted pre-tax
Behavioral Health Benefits
• Employee Assistance Program (EAP)
– 4 free visits per person, per occurrence,
per plan year
• Mental health, alcohol, and substance
abuse coverage – inpatient or outpatient
Commonhealth
• Wellness program for Commonwealth of
Virginia employees
• Includes health check screenings,
programs, fitness center discounts, and
challenges
Health Insurance – Enrollment
Options
• Enrollment Form
• Employee Direct
– Quick, easy, and available 24 hours a day from any
computer with internet access
– Permits review and changes to health benefits and flexible
reimbursement accounts in the Commonwealth’s Benefits
Eligibility System
Remember, you have 30 calendar days from your date of
hire to enroll in coverage!
ID Cards arrive 3-4 weeks after enrolling
Flexible Reimbursement
Accounts (FRA)
• Allows employees to use pre-tax dollars to pay for
certain medical and dependent care expenses
• Cannot claim these expenses on your taxes and
utilize the FRA
• Medical Reimbursement Account – may claim
expenses not covered by your health benefits plan
• Dependent Care Reimbursement Account – may
claim expenses for the care of your eligible
dependent
• You can enroll in one or both the accounts even if
you are not enrolled in a state health insurance plan
Flexible Reimbursement
Accounts (FRA)
• Funds cannot be transferred between the accounts
• “Use it or Lose it” rule
• May claim reimbursement for expenses incurred during the plan
year (July 1 – June 30)
• Must submit all claims for reimbursement by September 30th of
each year
• Must re-enroll in FRAs each year – your election does not roll
over from one plan year to another
• Availability Rule
– Medical – entire election amount available at the beginning of the
plan year
– Dependent Care – funds must be posted to the account in order to
be claimed (available after payroll deductions)
Flexible Reimbursement
Accounts (FRA)
• Minimum contribution - $10 per pay period
• Maximum contribution
– Medical - $2,500
– Dependent Care - $2,500 if married filing
separately or $5,000 if married filing jointly
• Contributions must be made in whole dollar
increments
• Monthly pre-tax administrative fee of $3.65
taken from paycheck on the 16th
FRA – Enrollment Periods
(Same as Health Insurance)
• Newly Eligible
• Open Enrollment
• Qualifying Mid-Year Events (QMEs)
FRA – Enrollment Periods
• If newly eligible employee does not
enroll within 30 calendar days of
employment, then s/he may enroll
during the next annual open enrollment
period or with a qualifying mid-year
event
Flexible Reimbursement
Accounts (FRA)
• Anthem is the claims administrator
• Additional FSA details may be found at
www.anthem.com/COVA
• Online account access at
benefitadminsolutions.com/anthem
• Elite Visa Benefit Card is available for the
Medical Reimbursement Account
EmployeeDirect
https://edirect.virginia.gov/Application.aspx
Available 24 hours a day
Step 1: Verify your registered e-mail address and date of birth
Contact a member of the Employee Benefits team if your information is incorrect. It will
need to be corrected before you can use EmployeeDirect
Step 2:
Step 3:
Step 4:
Step 5:
Create a password
Sign-up
Click and follow prompts
Ask questions if you need help
Virginia Retirement System (VRS)
•
•
•
•
•
•
•
•
•
•
Full-time Classified employees are automatically enrolled in VRS
Full-time Faculty may elect to participate in VRS or the Optional Retirement Plan
– if no election is made within 60 days of eligibility, then automatically enrolled in
VRS
If employed on a full-time basis with another VRS employer, you will need to
complete a form to designate which employer you choose to report your
retirement
myVRS
Defined Benefit Plan
Five years of service to be vested
Retirement benefit calculated based on age at retirement, number of years of
service, and average final compensation
Members hired before July 1, 2010 who have not taken a refund are covered
under VRS Plan 1
Members hired or rehired on or after July 1, 2010 are covered under VRS Plan 2
Members contribute 5% of salary to the plan
Virginia Retirement System (VRS) –
Purchase of Prior Service
• Once you are an active member of VRS, you
may be eligible to increase your benefit, or
qualify for retirement at an earlier age by
purchasing prior service credit
• Prior service is a period of service that has
not been credited to your VRS service record
because it was not covered by VRS or it was
covered service for which you previously took
a refund
Virginia Retirement System (VRS) –
Purchase of Prior Service
•
Types of service you may purchase include
–
–
–
–
–
–
–
–
•
Military leave of absence
Birth or Adoption leave of absence
Educational leave of absence
Non-covered service with a Participating employer (part-time service, temporary service, etc)
Public service
Civilian service in the federal government
VRS refunded service
Active duty military service
Better to buy sooner rather than later
–
–
Salary increases have cost implications
Window to buy the time is short
Optional Retirement Plan
• Defined contribution plan available to faculty only
• Immediately vested
• Retirement benefit is based on employer contributions and the
investment gains and losses on those contributions
• Employer contributes 10.4% of creditable compensation under
Plan 1
• Employer contributes 8.5% of creditable compensation and
employee contributes 5% under Plan 2
• You choose investments from a range of funds offered under the
plan and assume all risks associated with those choices
• May begin receiving benefits at termination of employment
regardless of age
• Pay out options vary according to provider chosen
• Provider choices for the ORP are TIAA-CREF and Fidelity
Optional Retirement Plan
• If you choose the ORP you must
– Complete an Election to Participate in Optional
Retirement for Higher Education (VRS-65)
– Select the investment provider to which you want
your contributions sent and enroll with that
provider
– Designate the beneficiaries you wish to receive
your account in the event of your death
• You can change ORP providers during Open
Enrollment which occurs in October each
year effective the following January
Basic Life Insurance
• Provided to all full-time classified and faculty staff in
VRS or ORP
• Natural death benefit equal to 2 times your annual
salary
– Annual salary rounded to next highest thousand and
multiplied by 2
• Accidental death benefit equal to 4 times your annual
salary
• No cost to you!
• Minnesota Life Insurance Company is the carrier
Optional Life Insurance
•
•
•
•
•
•
•
•
•
You may purchase additional life insurance coverage for yourself, spouse, and
dependents
You may purchase one, two, three, or four times your annual salary not to
exceed $700,000
You pay premiums through payroll deduction
Premiums for coverage for yourself and spouse are based on the coverage
amount and your age
Premiums for dependent children are flat amounts and based on the coverage
amount
You cannot cover your spouse and dependents without being enrolled in
optional coverage for yourself
Evidence of insurability is required when electing coverage amounts greater
than $350,000 for yourself, or electing Options 2, 3, or 4 for your spouse
Evidence of insurability is also required when electing coverage AFTER your 31
day initial eligibility period
Minnesota Life Insurance Company is the carrier
Designation of Beneficiary
• Order of precedence established by law for
payment of Basic and Optional Group Life
Insurance and retirement benefits
– Spouse
– Children and descendants of deceased children,
per stirpes
– Parents equally or surviving parent
– Duly appointed executor or administrator of your
estate
– Next of kin
Family and Medical Leave Act
•
•
Provides 12 workweeks of job-protected leave during a calendar year
(26 weeks if using caregiver leave)
Eligible employees:
– 1 year of State service
– Worked 1,250 hours in the 12 months immediately preceding the leave
•
Leave granted for
–
–
–
–
Birth/Adoption of Child
To care for an immediate family member (child, parent, spouse)
Employee’s own illness/injury
Qualifying exigency arising out of the fact that your spouse, child, or parent
is on active duty or call to active duty status in support of a contingency
operation as a member of the National Guard or Reserves
– To care for your spouse, child, parent or next of kin who is a covered
service member with a serious injury or illness
Virginia Sickness and Disability
Program (VSDP)
• Covers full-time classified employees
and full-time faculty members who are
active members of the VRS
• VSDP does NOT cover employees who
elect the ORP
• Administered by Unum
• Return to Work Policy
Virginia Sickness and Disability
Program (VSDP)
•
Sick Leave
– Credited on January 10 based on
your first date of employment
– May not be carried from one
calendar year to the next
– No payment of unused sick leave
when you terminate employment
– Used for absences due to personal
illness, injury or pregnancy and for
doctor visits when disability benefits
are not payable
– May use up to 33% of your sick
leave for immediate family illness
– Leave amount increases based on
years of service (5 yrs = 72 hours;
10+ years = 80 hours for full-time
and 10+ years = 40 hours for parttime)
Employment
Begin Date
Hours of Sick
Leave
January 10 – July
9
64 – full-time
July 10 – January
9
40 – full-time
January 10 – July
9
32 – part-time
July 10 – January
9
20 – part-time
Virginia Sickness and Disability
Program (VSDP)
•
Family and Personal Leave
– Credited on January 10
based on your first date of
employment
– May not be carried from one
calendar year to the next
– No payment of unused
family and personal leave
when you terminate
employment
– Used for absences due to
personal and family
reasons, as well as for
personal illnesses or injuries
– Leave amount increases
based on years of service
(10+ years = 40 hours)
Employment
Begin Date
Hours of Family
and Personal
Leave
January 10 – July
9
32
July 10 – January
9
16
Virginia Sickness and Disability
Program (VSDP)
• Short-term Disability
– One year waiting period
– Provides income protection
after 7 calendar days of
absence if you become
disabled and cannot work
– Provides up to 125
workdays of income
replacement
– Amount of income
replacement for days
determined on months of
state service you have when
you go out
– Pre-disability job is
protected and held while on
STD
Months
of State
Service
100%
80%
60%
Less than
60
0
0
125
60 – 119
25
25
75
120 –
179
25
50
50
180 or
more
25
75
25
Virginia Sickness and Disability
Program (VSDP)
• Long-term Disability
– One year waiting period
– Provides income replacement when you are
disabled and unable to perform the full duties of
your job without any restrictions for a long period
of time
– Begins at the conclusion of the 125 work days of
short-term disability if approved by Unum
– Return to your pre-disability position is not
guaranteed after you begin long-term disability
and TCC can recruit for and fill your pre-disability
position
Virginia Sickness and Disability
Program (VSDP)
• Long-term Care
– Provided under VSDP – at no cost to VSDP participants
– Provides up to $96 basic daily benefit with a two-year
lifetime maximum of $70,080 should you require assistance
for an extended period of time
– Qualify when you are unable to perform 2 out of 6 activities
of daily living (bathing, dressing, eating, continence, toileting,
transferring)
– Benefits begin after a 90 day period following a certified,
qualifying loss
– Can continue coverage by converting to individual policy if
separating employment (including retirement)
Traditional Sick Leave Plan
• Covers employees who elect the Optional Retirement
Plan
• 12 month employees accrue 5 hours of leave per pay
period (15 days annually)
• 9 month teaching faculty accrue 4 ½ days per
academic semester, awarded on the first day of each
semester
• Carries over from year-to-year
• Do not lose
• ¼ paid out up to a $5,000 maximum at separation of
service if faculty member has 5+ years of continuous
service with VCCS
Personal Leave
• Covers 9-month faculty who elect the
Optional Retirement Plan
• 3 days of personal leave are granted to 9month faculty at the beginning of the
academic year
• Unused personal leave is converted to sick
leave at the end of the summer term following
the academic year for which it was granted
Annual Leave
Classified Employees
• Classified
employees
accrue annual
leave based on
years of
service
Years of
Service
Semimonthly
Accrual Rate
Maximum
Carryover
Limits
Maximum
Payment
Limits
Up to 5
years
4 hours
192 hours
(24 days)
192 hours
(24 days)
5 years
5 hours
240 hours
(30 days)
240 hours
(30 days)
10 years
6 hours
288 hours
(36 days)
288 hours
(36 days)
15 years
7 hours
336 hours
(42 days)
288 hours
(36 days)
20 years
8 hours
384 hours
(48 days)
336 hours
(42 days)
25 years
9 hours
432 hours
(54 days)
336 hours
(42 days)
Annual Leave
12-Month Faculty
• Up-front leave is
granted on the effective
date of employment
• Cannot carry forward
more than the
maximum limit each
January
• Upon separation,
unused annual leave is
paid out up to the
maximum payout limit
Up
Front,
Upon
Hire
Accrual
Per Pay
Period
Maximum
Accrual Per
Year
Maximum
Carry
Forward
Limit
Maximum
Payment
Limit
Executives,
Senior
Administrators
96
Hours
12
Days
8 Hours
192 Hours
24 Days
192 Hours
24 Days
192 Hours
24 Days
Administrators,
12-month
teaching
faculty
84
Hours
10.5
Days
7 Hours
168 Hours
21 Days
168 Hours
21 Days
168 Hours
21 Days
School Assistance and Volunteer
Service Leave
• Up to 16 hours per calendar year
• Leave may be used to meet with teachers of
school-aged children, attend a school
function, to volunteer in a school, etc.
• Leave may be taken in 1 hour increments
• Leave does not carry over from year to year
Civil and Work Related Leave
Provided with pay to
• Appear in court or related proceedings as
witness, or on jury duty
• Serve on State councils or other bodies
• Resolve work-related conflicts
• Participate in employment discrimination
complaint resolution
• Attend administrative hearings
• Interview for other state positions
Military Leave
• Granted to members of the armed
forces who are ordered to active duty
• May be used in the form of paid and
unpaid leave
• Contact the Office of Human Resources
if you are called to active duty military
service
Leave Sharing
• Employees covered under the Traditional Sick Leave Plan may
request donated annual leave if the employee experiences
leave without pay due to
– personal illness or injury
– A family member’s illness or injury for which the employee is using
Family & Medical Leave
• Employees covered under VSDP may request donated annual
leave if the employee experiences leave without pay due to a
family member’s illness or injury for which the employee is using
Family & Medical Leave
• A donor can authorize in minimum increments of 8 hours
• No limit on the number of annual leave hours that may be
donated
• 9 month faculty are eligible to receive donated leave, but cannot
donate since they do not accrue and earn annual leave
Long-Term Care
•
•
•
•
•
•
Administered by Genworth
Voluntary benefit offered to
– classified employees who work a minimum of 20 hours per
week
– Salaried faculty – full-time and part-time including adjuncts
– Other employees, as determined and defined by the employer
who work 29 or more hours per week
May cover yourself, spouse, parents, step-parents, parents-in-law,
grandparents, step-grandparents, grandparents-in-law, and adult
children ages 18-79
Guaranteed issue for the employee when enrolling within 60 days
of your hire date
May choose a monthly benefit amount between $3,000 and $7,500,
choose a total coverage amount based on 2, 3, or 5 years, and
may choose a benefit increase option
Premiums are based on your age and benefit choices at the time of
purchase – payroll deduction is not available for this benefit
Deferred Compensation
• Effective 1/1/2008, all newly hired and
re-hired salaried state employees will be
enrolled automatically in the
Commonwealth of Virginia 457 Deferred
Compensation Plan
Deferred Compensation
• Supplement to employer provided retirement
plan (VRS or ORP)
• Your contributions are made automatically
through payroll deduction on a pre-tax basis –
immediately vested
• You pay federal and state income taxes only
when you receive the money from your
account – no IRS penalty for withdrawal prior
to age 59 ½
• ING is the provider
Automatic Enrollment
• ING will mail a packet to your home address – Automatic
Enrollment Notice within your first month of employment
• The Commonwealth will contribute $20 per paycheck to the Plan
with a $10 cash match unless within 90 days of receiving the
Automatic Enrollment Notice you:
– Actively enroll in the Plan
– Begin contributing to a 403(b) arrangement
– Opt out of participation
• Automatic contributions will begin approximately 120 days from
your employment date
• Automatic contributions will be invested in the default
investment fund - Balanced Growth Fund – participant must take
active control of the account to change investment option
Deferred Compensation
Active Control of Account
• You choose the amount you want to save, subject to tax code and
Plan limits – minimum is $10 per pay period and annual limit to plan
is $17,500 for 2013
• Can start/stop/increase/decrease deductions – changes are
effective the first of the month following the month in which the
change is made
• State contributes 50% of your contribution or $20 per paycheck,
whichever is less
Deferred Compensation
Opting Out
• May opt out within the first 90 days of receiving
Automatic Enrollment Notice
– Opt out by going online or calling ING
– No paper form to opt out
• No deferral will be taken if you opt out within the first
90 days of notice
• May also opt out within 90 days of first deferral
– Receive a refund of deferrals and any earnings
– ING will send a 1099 reflecting the refund and any earnings
• 90 days after first deferral, you may stop future
contributions, but can no longer request refund of any
deferrals and earnings
403(b) Plan
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Supplement to employer provided retirement plan (VRS or ORP)
Your contributions are made automatically through payroll deduction –
immediately vested
You pay federal and state income taxes only when you receive the money from
your account – 10% IRS penalty for withdrawals prior to age 59 ½
You choose the amount you want to save, subject to tax code and Plan limits –
minimum is $10 per pay period and annual limit to plan is $17,500 for 2013
Can start/stop/increase/decrease deductions at any time
State contributes 50% of your contribution or $20 per paycheck, whichever is
less
Automatically enrolled in the cash match plan when you sign up provided you do
not already receive cash match under the 457 plan
Several providers to choose from
Commonwealth of Virginia
Provider Listing
• Listing of companies that offer voluntary
insurance plans and services (i.e., life
insurance, short and long-term disability,
cancer policies, annuities, pre-paid legal
services, etc.)
• Some of the companies on the listing pay the
administrative fee for payroll deduction and
others do not – fee for post-tax and pre-tax
deductions is 35 cents per pay period
529 Plan
• Virginia Education Savings Trust
– Offers selection of investment funds
– Investments subject to market conditions
• Virginia Prepaid Education Program
– Program backed by statutory guarantee
– Lock in future costs of tuition and fees at Virginia public
colleges
• College America
– Offers a range of American Funds portfolios
• College Wealth
– Offers FDIC-insured bank deposit accounts
• Earnings grow tax free
• Can use at colleges throughout the country
Credit Union Membership
• TCC employees may join either the
Virginia Credit Union or the Old
Dominion University Credit Union
• Links to the credit unions websites can
be found on the Employee Benefits
Page of the TCC website
TCC Benefits Webpage
• Contact information
• Links to forms and provider websites
• Link to EmployeeDirect
http://www.tcc.edu//welcome/collegeadmin/administrative/hr/benefits/index.htm
Questions?
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TCC Office of Human Resources - Benefits
– 822-1711; 822-1916
Health Insurance
– Anthem – 1-800-552-2682
– Delta Dental – 1-888-335-8296
– Medco – 1-800-355-8279
– ValueOptions – 1-866-725-0602
– Optima – 687-6350
Fringe Benefits Management Company – FRAs, Premium Conversion
– 1-800-342-8017
Virginia Retirement System
– 1-888-827-3847
Optional Retirement Plan
– TIAA-CREF – 1-800-842-2776
– Fidelity – 1-800-343-0860
Minnesota Life Insurance Company
– 1-800-441-2258
Unum
– 1-800-652-5602
Long-Term Care
– Genworth -1-866-859-6060
ING (Deferred Compensation Plan)
– 1-877-327-5261