Program Changes and Additions
Spectrum Volume 18 Issue 01 - August 24, 1995
Several changes and additions to the faculty and staff benefits programs are planned for fall 1995. More detailed information will be provided at a later date for each program. Faculty and staff members are encouraged to consider these additions and changes as they evaluate their overall benefits plans. Attention is directed to following programs:
* Optional Life Insurance: An optional life insurance was approved by the last session of the General Assembly. This program will be available in October-November 1995. Details are presented in a separate article. A brochure will be provided to eligible faculty and staff members, explaining enrollment options, premium calculations, spousal options and related information.
* Health Care Open Enrollment: Recently, the State Department of Personnel and Training changed the open enrollment time for health insurance from the spring to fall. Accordingly, a health-care open-enrollment program will be held during November and early December of this year. There will be relatively few, if any, changes in the health-care plan at this time. The intent is to change to a calendar year instead of the current July-to-June fiscal year. However, open enrollment does provide an opportunity to make changes in the health-care coverage.
* Optional Retirement Plan Open Enrollment: Many faculty members elected to participate in one of the Optional Retirement Plans in lieu of the Virginia Retirement System program. During each October, those faculty members participating in an Optional Retirement Plan may switch to another of the following approved companies: Fidelity, Great West, TIAA/CREF, T. Rowe Price, VALIC. The employer contribution to the Optional Retirement Plan is currently 10.4 percent of university salary.
* Health and Benefits Fair: A Health and Benefits Fair is scheduled for October 24 at Squires Student Center. The fair will be from 11a.m to 2 p.m. The health-and-wellness component will offer some preventative immunizations, basic first aid, training tips, self defense, food tasting, and related health-and-wellness information. The benefits component will provide access to tax shelter vendors, retirement planning, health-care information, long-term disability and related benefits material.
Specific information will be provided for each of the upcoming programs. While individual situations vary, these forthcoming changes and additions may provide some opportunities to enhance existing benefits programs or add to new features.