Tax Deferred Annuities (403b): The university will make payroll deductions for tax-deferred annuities to participating companies. Approved 403b providers are TIAA-CREF, AXA, Amerprise, and VALIC. Fringe Benefits Management Company (FBMC), the third-party administrator, serves as compliance coordinator and routes contributions to the selected provider(s). The employee or the participating company pays an administrative fee.
Deferred Compensation Plan (457): Newly hired and re-hired salaried state employees will be enrolled automatically in the Commonwealth of Virginia 457 Deferred Compensation Plan with an automatic deferral of $20 per pay period beginning approximately 90 days from the date-of-hire. Employees who do not wish to participate in a 457 deferred comp plan may “opt out” within 90 from the date-of hire or within 90 days of the first deferral. Employees who enroll in a 403b Tax Deferred Annuity are not auto-enrolled in the 457 Plan.
Cash Match Plan: Employees who make a contribution to a 403b tax deferred annuity or a 457 deferred comp plan are eligible to participate in the Commonwealth of Virginia Cash Match Plan. Employees will receive each pay period, the lesser of $20 or 50% of the employee’s contribution amount.
Liability Insurance: Professional liability insurance protects the university and its employees for legal liability arising out of rendering professional services or services which should have been rendered. Questions concerning liability insurance should be referred to the Risk Manager located in the Safety Office.
Worker’s Compensation (WC): Under the Workers' Compensation Act, medical bills and compensation for loss of pay are paid if injuries were received on the job or while on official university business. Accidents must be reported immediately to your supervisor.
Tuition Waiver: Full and part-time employees are eligible to register for one course (maximum 4 credit hours) of instruction (graduate or undergraduate) each semester and/or summer session with the tuition and fees for the course waived. Application and registration for course work is subject to conditions involving eligibility and other participation requirements as stated in the Employee Tuition Waiver Policy.
University Privileges: All salaried employees are eligible for free employee identification cards. Current ID cards allow an employee and his/her dependents access to recreational facilities during evenings and weekends when school is in session; full use and borrowing privileges from McConnell Library; and admission to athletic events and cultural actives either free of charge or at a reduced rate.
Flexible Reimbursement Accounts: A Medical and/or Dependent Care Account may be established with pre-tax dollars within 30 days following the date of hire. Effective dates will be the first of the month following receipt of the application in the Human Resources Office.
Health Care Plan: A choice of COVA High Deductible Health Plan (HDHP) or COVA Care Group Health Insurance plan is available through the Commonwealth of Virginia. Medical benefits are administered by Anthem Blue Cross & Blue Shield. Basic dental coverage and a prescription drug program are included in the plans. A hospital pre-admission review is required. Prior authorization is necessary for expensive and/or experimental medical procedures. The employee may also purchase additional coverage to enhance the basic COVA Care plan. Additional coverage options include out-of-network, expanded dental, vision, and hearing benefits. The employee may choose one of three membership levels: Employee Only, Employee Plus One, or Family Coverage. The selected plan is effective the first day of the month after hire date. As an example; employee is hired August 10, HR receives enrollment form by September 8, coverage is effective September 1. Employee must enroll within 30 days of the original hire date. Additional information is available.
Employee Assistance Program (EAP): Counseling and referral for problems such as alcohol or substance abuse, marital or family difficulties, financial problems and mental and medical disorders are available. These services are provided by ValueOptions, Inc. as part of your health insurance benefits. Additional information is available.
Group Life Insurance: The university provides group term life insurance coverage at no cost for full-time employees. For natural death, the amount of coverage is equal to your annual salary rounded to the next $1000 and then doubled. For accidental death, the amount is doubled again. Group Life Insurance also provides dismemberment and felonious assault benefits. Group Life Insurance is effective upon the date of hire and is provided without a medical examination.
Voluntary Life & Accidental Death & Dismemberment Insurance: You may be eligible to purchase optional life insurance for natural and accidental death and dismemberment for yourself, your spouse and your eligible dependents. You can purchase the optional group life insurance in increments of one, two, three or four times your salary not to exceed $700,000. Premiums are based on low group rates and are paid through payroll deduction. Enrollment forms must be completed within 31 days of hire to ensure coverage without evident of good health with certain exceptions based on the total amount of coverage purchased.
Long Term Care Insurance: The Commonwealth of Virginia offers long-term care insurance to eligible state employees with coverage available for their spouses, parents, parents-in-law, and state retirees and their spouses (if purchased before retirement date). Genworth Life administers the long-term coverage. Long-term care refers to a wide range of personal care, health care and social services for people of all ages who can no longer care for themselves. Employees enrolled in the Virginia Sickness and Disability Program (VSDP) receive a $96 daily benefit at no cost. Additional coverage for employees or eligible dependents may be purchased. These benefit options range from a $50 to $300 daily benefit. For more information or to request an enrollment kit, contact Genworth at 1-866-859-6060 or visit their website to learn more about enrolling.
Retirement Plans: Newly hired Teaching & Research Faculty members must select either the Virginia Retirement System or an Optional Retirement Plan within 60 days after his/her date-of-hire. If a selection is not made within the 60 day period the VRS plan is automatically assigned as the default retirement plan. Note: Retirement plans and related provisions for employees with hire dates prior to July 1, 2010 are referred to as Plan 1 and plans for employees with hire dates on or after July 1, 2010 are referred to as Plan 2.
Virginia Retirement System (VRS)
- Employee contributes 5% of salary (Plan 1)
- Employee contributes 5% of salary (Plan 2)
- Five years service to be vested
- Benefits determined by formula based on age, years of service and highest salary average
- Benefit options available
- Cost of living increases
- No portability between VRS and other states’ retirement plans.
- May enroll in the VSDP short/long-term disability plan; includes $96 per day long-term care benefit.
- May purchase eligible prior service
Optional Retirement Plan (ORP)
- Employee contribution paid by state (Plan 1)
- Employee contributes 5% of salary (Plan 2)
- Vested immediately
- Benefits determined by invested amount, growth and loss factors, and life expectancy
- Benefit options available
- No cost of living increases
- May transfer between participating ORP providers on annual basis and possibly roll into plans available at other institutions upon termination
- May start annuity payments when disabled
- Approved providers:
Annual Leave: T&R Faculty do not earn annual leave.
Sick Leave: Benefits are dependent upon the employee’s choice whether to participate in the Virginia Retirement System (VRS) or in an Optional Retirement Plan (ORP).
ORP: Granted 96 hours (twelve days) of sick leave at the beginning of the academic year. Accumulation of sick leave is unlimited. T&R Faculty hired on or after January 1, 1994 are not paid for unused balances upon termination of employment.
VRS: T&R Faculty selecting the VRS have two options for sick leave: (1) participate in the sick leave program described for ORP participants or (2) participate in the VSDP which consists of two components; sick leave and family & personal leave. VSDP benefits are described in the Virginia Sickness and Disability Program Handbook for Participants. In addition to granted leave, the VSDP provides benefits which include short & long term disability and long-term care coverage.
VSDP Sick Leave: New employees are granted 64 hours (eight days) of sick leave each year if hired between January 10 and July 9. New employees hired between July 10 and January 9 will be credited with 40 hours (five days) of sick leave for the remainder of the year. Sick leave is credited each January 10 thereafter. You may use granted sick leave for absences due to illness or injury, or for appointments with a physician. This leave does not carry forward into the next year nor is a payout made for any unused sick leave upon termination.
VSDP Family and Personal Leave (F&P): New employees are granted 32 hours (four days) of Family & Personal Leave each year if hired between January 10 and July 9. New employees hired between July 10 and January 9 will be credited with 16 hours (two days) of F&P leave for the remainder of the year. F&P Leave is credited each January 10 thereafter. F&P Leave must be pre-approved by your supervisor and may be used for personal illness, family illness, bereavement or personal business. This leave does not carry forward into the next year nor is a payoff made for any unused leave upon termination.
Faculty Professional Development Leave Program: Full-time, tenured faculty members may apply for professional development leave at full pay for one semester or one-half pay for one or two semesters. Such leave does not include summer sessions. Leave-without-pay may be granted for tenured and for non-tenured faculty. This program is more fully explained in the University Faculty Handbook.