Faculty and staff in VRS hybrid plan: December 15 is approaching - increase your voluntary contributions now!
Virginia Retirement System hybrid plan participants can increase voluntary contributions once per quarter. The election deadline for January 2015 changes is Monday, Dec. 15. Participants can make voluntary contributions up to 4% of their credible salary into the defined contribution component of their hybrid account and receive up to a 2.5% employer match. For more information about the effect of increasing voluntary contributions, see "Voluntary Contributions - How Important Are They to Your Future" .
Questions? Contact VCU Benefits at (804) 827-1723 or firstname.lastname@example.org.
Retirement savings limits increase for 2015
IRS retirement savings limits for 403(b) and 457 savings plans increase in 2015. Participants may save up to $18,000 in the VCU 403(b)/Tax-Deferred Annuity (TDA) Plan and/or up to $18,000 in the VRS 457/Deferred Compensation Plan (DCP) during calendar year 2015. Participants eligible for age 50+ catch-up contributions may save up to $24,000 in each plan during calendar year 2015. To make VCU 403(b) changes effective January 2015, complete a Salary Reduction Agreement and submit to VCU Payroll Services by Friday, Dec. 19. To make VRS 457 changes effective January 2015, log in at www.varetirement.org/dcp.html or call 1-877-327-5261 by Monday, Dec. 15. No action is required to continue existing contribution elections in 2015.
Special note for VRS hybrid plan participants: Voluntary contributions that you make to the defined contribution portion of your hybrid plan count toward the 457 limit. If you also participate in the DCP, the total of your voluntary contributions to the hybrid plan and the DCP must not exceed the calendar year limit for 2015.
Questions? Contact VCU Benefits at (804) 827-1723 or email@example.com.
Update on benefits for same-sex spouses
Same-sex spouses became eligible for coverage in the State Health Benefits Program when Virginia began recognizing same-sex marriages on Monday, Oct. 6, 2014.
- Eligible faculty and staff have 60 calendar days, starting with Oct. 6, to request membership and coverage changes. The completed enrollment form at http://www.dhrm.virginia.gov/hbenefits/OpenEnrollment2014/StateActiveEnrollForm.pdf must be accompanied by the required documentation for spouses and other eligible family members specified on page 2 of the form. Completed enrollment materials must be received by VCU Benefits no later than Thursday, Dec. 4, or by the 60th day of marriage, whichever is later. For more information, see this communication from the Virginia Department of Human Resource Management (DHRM), which administers the State Health Benefits Program.
- Eligible faculty and staff can now also purchase optional group life insurance for same-sex spouses. Employees already married to a same-sex spouse and covered by optional group life insurance have until Wednesday, Nov. 5 (the first 31 days of Virginia marriage recognition) to add a spouse to their coverage without medical approval for the guaranteed issue amount.
- Newly married employees who are already covered by optional group life insurance can add a spouse within the first 31 days of marriage without medical approval for the guaranteed issue amount.
- Employees who are not covered by optional group life insurance can enroll within the first 31 days of faculty or classified staff employment without medical approval for the guaranteed issue amount.
- After 31 days of eligible employment, medical approval is required for the guaranteed issue amount.
- Medical approval is also required for any coverage above the guaranteed issue amount.
For questions, contact VCU Benefits at (804) 827-1723 or firstname.lastname@example.org.
Update to health benefits coverage
Updated versions of the "Summary of Benefits and Coverage" for participants in COVA Care, COVA HealthAware and the COVA High Deductible Health Plan are posted here. Premium rates are posted here . For questions, contact VCU Benefits at (804) 827-1723 or email@example.com.
Special programs for faculty and staff in the State Health Benefits Program
Disease management, maternity management and bariatric surgery programs previously offered through Anthem have transitioned to ActiveHealth Management for the current plan year and are available to COVA Care, COVA HealthAware and COVA HDHP participants. New lifestyle coaching services have also been added. Health plan participants will receive information from ActiveHealth Management at their home addresses. For more information, visit http://www.dhrm.virginia.gov/documents/AA6191Brochure81913.pdf . For questions, contact VCU Benefits at (804) 827-1723 or firstname.lastname@example.org.
VRS modernization: employee contributions
The Virginia Retirement System (VRS) is undertaking a multi-year modernization program to upgrade its technology systems and business operations. As part of this modernization, VRS is making changes to how it collects member contributions from employees. These changes are effective immediately. Click here for more information.
HR seminars for important savings, investment and retirement information
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Compensation is more than just a paycheck at VCU. You enjoy many benefits beyond the value of your salary. Learn more about how much you really make .
VRS member news
Full-time and part-time faculty and staff enrolled in the Virginia Retirement System (VRS) can stay informed about their retirement benefits by subscribing to the VRS member news publication. For questions, contact VCU benefits at (804) 827-1723 or email@example.com.
VRS member benefit profiles
Annual member benefit profiles (MBPs) for participants in the Virginia Retirement System (VRS) are available by logging onto myVRS. VRS no longer mails paper copies of these statements. Employees without computer access may request a printed copy of their MBP by contacting VCU benefits at (804) 827-1723 or firstname.lastname@example.org.
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Benefits are an important part of your total employment package from VCU. Some of these benefits are provided automatically to you while others are optional. In addition, you can choose to extend some benefits beyond your university employment. For a summary of all your benefits, choose from the employment classification below that best describes your position at the university.
Access the full listing of VCU employment benefits >>
New employee resources
New to VCU? We offer a number of resources for new employees — from orientation to training opportunities to handbooks. Be sure to review the new employees page for a listing of these links.
Life events and your benefits
Any time you experience a life event change — such as getting married, starting a family or retiring — remember to review your benefits. You may need to provide us with updates. Other times, you may want help in resolving some of the family and personal issues that occur because of these changes. In those situations, please look into our work/life resources for assistance.
VCU Gold access to health care
VCU Gold is a program that allows university employees and their family members (new patients) to receive “fast track” ambulatory care scheduling with the first available provider at VCU medical center specialty clinics. Call (804) 628-3627 to learn more or to schedule an appointment. Visit the VCU Gold page for details.