VRS Hybrid Plan: Auto-Escalation of Contributions Takes Effect in January
Beginning January 1, 2017, the Virginia Retirement System (VRS) Hybrid Plan’s auto-escalation feature goes into effect. This feature is designed to help you save more for your retirement by slightly increasing the amount that you contribute from each paycheck to your retirement savings. Learn more.
2016 VRS Member Benefit Profiles Available
Member Benefit Profiles are now available for Virginia Retirement System (VRS) participants in Plan 1 and Plan 2. If your VRS membership date was on or before December 31, 2013, you are covered by one of these two plans unless you joined the VRS Hybrid Plan during the one-time opt-in period in April, 2014. The Member Benefit Profile is an online benefits statement providing important information including a retirement income analysis. This feature shows each member’s retirement income estimate as of June 30, 2016 compared to a retirement income target of replacing 80% of pre-retirement salary. The retirement income estimate combines each member’s estimated unreduced VRS benefit with a Social Security estimate. It also includes an estimated annuity from the Commonwealth of Virginia 457 Deferred Compensation Plan (DCP) for those who participate.
To view your Member Benefit Profile, visit www.varetire.org/myVRS to log in or create a secure online account. Employees without any computer access may request a printed copy from VCU Benefits. Member Benefit Profiles are not currently available for VRS Hybrid Plan members, however members of the Hybrid Plan can look up their current defined benefit and defined contribution account balances and other information through myVRS or the plan’s web site at www.varetirement.org/hybrid. The retirement planner in myVRS allows Hybrid Plan members to estimate potential income and expenses in retirement.
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Earn Your Premium Reward
Please note: If you recently completed and submitted your health assessment and physician results from a biometric screening, but have not yet seen a premium reward reflected in your paycheck, your reward may still be processing at the Virginia Department of Human Resource Management (DHRM). VCU deducts from your pay the premium amount billed by DHRM and cannot adjust the amount of your premium deduction unless and until DHRM approves a discounted amount. Processing time can be 6-8 weeks from the time your activities are accepted by Active Health, however DHRM approves premium rewards retroactively based on the date the activities were completed. Any retroactive adjustments are reflected in your paycheck once they are reflected in DHRM's premium reporting to VCU. Thank you for your patience.
Employees and/or their eligible enrolled spouses in COVA Care and COVA HealthAware can earn premium rewards at any time during the plan year. This year’s requirements to earn premium rewards
are as follows:
A health assessment completed or updated at www.myactivehealth.com/cova July 1, 2015 or later
A biometric screening completed and submitted July 1, 2015 or later. See instructions and submission forms at www.myactivehealth.com/cova
If you are currently receiving and/or your spouse is receiving a premium reward, those reward(s) will end in June, 2016 unless they are already based on health assessment(s) and biometric screenings submitted July 1, 2015 or later. To qualify for a premium reward effective July, 2016 the health assessment and biometric screening requirements must be completed on or before June 30, 2016. If the requirements are completed later, premium rewards are effective the month after completion.
Reminder: Your Employee ID for registering with www.myactivehealth.com/cova is 00+ the seven numerals in your health plan ID number. For example, if your health plan ID number is YTX1234567XU, your Employee ID for www.myactivehealth.com/cova is 001234567. For COVA HealthAware members whose health plan numbers already begin with 00, simply use your health plan ID number. Enrolled spouses use the same health plan ID number but must register at the site separately. Review the Premium Reward frequently asked questions for more information. Questions? Contact VCU Benefits at (804) 827-1723 or email@example.com.
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