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Benefits

Benefits. Types of Employment. Teaching Faculty Administrative/Professional Faculty. A/P Faculty  Teaching Faculty . Health Insurance. Health insurance is available to all regular and restricted full-time salaried faculty and staff.

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Benefits

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  1. Benefits

  2. Types of Employment • Teaching Faculty • Administrative/Professional Faculty

  3. A/P Faculty  Teaching Faculty  Health Insurance • Health insurance is available to all regular and restricted full-time salaried faculty and staff. • The health plan options available are COVA Care, COVA HealthAware, COVA High Deductible Health Plan (HDHP), Kaiser Permanente HMO, and TRICARE Supplement (for those who are eligible for TRICARE). • If enrollment is received by the due date, the selected plan is effective the first day of the month following date of hire. • Enrollment is done by using the web-based enrollment process (edirect.virginia.gov) or by submitting a paper enrollment form to Human Resources within 30 calendar days of hire. • Pre-tax premium deduction • No re-enrollment is required each year • Coverage available for eligible family members with supporting documentation

  4. A/P Faculty  Teaching Faculty  Flexible Reimbursement Accounts • These accounts allow employees to set aside money each pay period that can be used throughout the plan year (July 1 – June 30) to pre-fund anticipated, eligible medical services, medical supplies and dependent care expenses normally not covered by insurance. • The funds are deducted from paychecks before federal and state taxes are calculated, creating a cost savings for employees. • Two reimbursement account options available - Medical and Dependent Care • You do not have to elect health coverage to be eligible for a flexible spending account • If you fail to enroll during your initial enrollment period (within 30 calendar days of hire), you may enroll during open enrollment • You must enroll or re-enroll during open enrollment each year to maintain participation

  5. Medical Reimbursement Account • You can receive a tax benefit on non-reimbursable medical expenses for yourself or your qualified dependents • Some examples include: deductibles, optical expenses, co-payments, out of network fees, and dental expenses in excess of plan coverage caps Minimum Deposit per pay period $10 Maximum Annual Deposit $2,500

  6. Dependent Care Account • You can receive a tax advantage on expenses incurred for care of a child under 13 or an older disabled dependent under the IRS definition. • You must elect dependent care within 30 calendar days of your start date. • If you fail to do so, there is an open enrollment period in late spring of each year. • You must re-enroll each year to maintain this account Minimum Deposit per pay period: $10 Maximum Annual Deposit: generally $5,000, but varies with tax status

  7. A/P Faculty  Teaching Faculty  Virginia Retirement System (VRS) • VRS is a Hybrid retirement plan (part Defined Contribution and part Defined Benefit). • VRS also provides short and long term disability income protection under the Virginia Sickness and Disability Program. • All Employees are required to contribute 5% of their salary toward their retirement. The contribution is taken as a pre-tax payroll deduction. • Participants may elect to contribute up to an additional 4% to the retirement plan • Employer mandatory contribution of 1% (up to 2.5% additional based on employee contribution) • Increase contributions online at www.varetire.org, select the Defined Contributions Plans tab or call 1-877-327-5261. • Lifetime pension benefits are based on a formula (age, service dates and salary). • Automatic employer-paid Long Term Care through the Long Term Care Group.

  8. A/P Faculty  Teaching Faculty  Purchase of Prior Service (VRS) • Prior service credit counts toward time needed to become vested and may increase your future benefit under VRS or allow you to qualify for retirement at an earlier date. • You must be an active member to purchase prior service. • Service must not used toward eligibility for or in the calculation of a retirement benefit from another system. • The following are some of the types of prior service which may be purchased: • Full-time salaried federal service • Full-time salaried public service other than previous VRS service • Non-covered service with a VRS-participating employer • VRS refunded service

  9. A/P Faculty  Teaching Faculty  Optional Retirement Plans • The Optional Retirement Plan (ORP) is a defined contribution pension plan. • The plan is based on the level of contributions, investment gains or losses, retirement age and the retirement income option. • Employee makes mandatory 5% contribution per pay period • Employer contributes 8.5% per pay period • Participant bears all investment risks • The following vendors are available - Fidelity, and TIAA-CREF.

  10. A/P Faculty  Teaching Faculty  403(b) – Voluntary Retirement Savings Plan • Participants may enroll anytime and assumes investment risk • VRS Hybrid participants must first maximize voluntary retirement contributions to receive employer contribution of $480.00 per year. • Contributions payroll deducted on a pre-tax basis for tax-deferred annuities of participating companies (MetLife, VALIC, TIAA-CREF) • The employee or the participating company pays an administrative fee • Open account with chosen and complete and submit NOVA’s Salary Reduction Agreement Form 105-097 to initiate the payroll reduction

  11. A/P Faculty  Teaching Faculty  Deferred Compensation Plan 457 • State’s deferred compensation plan • Participants assume investment risk • Employer contribution of up to $480.00 • VRS Hybrid participants must first maximize voluntary retirement contributions to receive employer contribution • Enroll online at www.varetire.org, select the Defined Contribtuion Plans tab or call 1-877-327-5261

  12. A/P Faculty  Teaching Faculty  Tuition Assistance • Eligibility after six months of employment with NOVA • Coursework Eligibility • NOVA “free” • External University (Full-time Faculty) • Six credits/semester maximum • $1900 per fiscal year (External Universities, Workforce Development/CEUs) • Passing grade of “C” or better • Submit /email 105-043 to AskHR@nvcc.edu

  13. A/P Faculty  Teaching Faculty  Worker’s Compensation • The Virginia Worker’s Compensation Act covers injuries and illnesses that arise specifically as a result of an individual's job duties or while on official College business. • Accidents must be reported immediately to your supervisor to ensure coverage. • If medical attention is required, a list of panel physicians is provided to the employee. Any unauthorized medical treatment will not be covered. • All payments for injuries and illnesses are considered to be in a pending status until a compensability decision is given.

  14. A/P Faculty  Teaching Faculty  Employee Assistance Program (EAP) • An employee assistance program (EAP) is offered by the College through the employee’s health carrier to maintain the health of a business and the well being of the employees. A wide range of services is offered related to the quality of work and family life. • EAP services offer counseling and referral for problems such as alcohol or substance abuse, marital or family difficulties, financial problems, and mental and medical disorders are available. • EAP services are confidential and voluntary • EAP counselors are available 24/7

  15. A/P Faculty  Teaching Faculty  Group Life Insurance • The College provides group term life insurance coverage at no cost for salaried employees. No enrollment forms are required. • The amount of coverage is twice the employee's annual salary rounded to the nearest $1,000 for natural death and four times the rounded annual salary for accidental death. • Your beneficiaries for your life insurance are designated according to state law in the following order – to your spouse, (if no surviving spouse) to your children and descendants of deceased children, (if none of the aforementioned) to your parents equally or to the surviving parent, (if none of the aforementioned) ) to the duly appointed executor or, administer of your estate, (if none of the aforementioned) to your next of kin • If you would like beneficiary designations different from the order shown above, you need to fill out a Beneficiary Designation Form (VRS-2) • The program is administered through the Virginia Retirement System with Minnesota Life as the insurance carrier. 

  16. A/P Faculty  Teaching Faculty  Optional Group Life Insurance • Optional supplemental life insurance is available through Minnesota Life for yourself and eligible family members • Employees may purchase up to four times his or her salary • Evidence of Insurability required for coverage of family members above option 1 • Option 1 – An additional 1 times an employee’s annual salary in life insurance coverage • Option 2 – An additional 2 times an employee’s annual salary in life insurance coverage • Option 3 – An additional 3 times an employee’s annual salary in life insurance coverage • Option 4 – An additional 4 times an employee’s annual salary in life insurance coverage • Maximum coverage of $750,000 • Cost of coverage varies depending on level of coverage, age of the employee and the age of participants • Coverage is effective when you sign the enrollment form (VRS-39) if you enroll within 31 days of employment • Must return the VRS-39 form either electing or waiving optional coverage to HR within 31 days

  17. A/P Faculty  Teaching Faculty  VSDP Disability • VSDP provides state employees with income replacement when they cannot work because of a partial or total disability. VSDP benefits cover non-work-related and work-related conditions. • Employees must have one year of continuous salaried employment to be eligible for disability benefits • Benefits paid after a 7 calendar day waiting period • Income replacement level is based upon length of employment • Intermittent use is permitted for chronic conditions with short term disability.

  18. A/P Faculty  Teaching Faculty  VSDP Sick Leave • New employees are advanced eight days (64 hours) of sick leave each year if hired between January 10 and July 9. • New employees hired between July 10 and January 9 will be advanced five days (40 hours) of sick leave upon hire. • Sick leave is credited each January 10 thereafter. • You may use credited 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 payoff made for any unused leave upon termination. • This VSDP leave may not be used for family illness unless the leave requested qualifies as Family Medical Leave Absence.

  19. A/P Faculty  Teaching Faculty  VSDP Family and Personal Leave • New employees are advanced four days (32 hours) of family and personal leave each year if hired between January 10 and July 9. • New employees hired between July 10 and January 9 will be advanced two days (16 hours) of family and personal leave for the remainder of the year. • Family and personal leave is credited each January 10 thereafter. • Family and personal 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. • Prorated for part-time employees

  20. A/P Faculty  Teaching Faculty  Traditional Sick Leave • The Traditional Sick Leave program is available to new faculty who enrolled in the ORP or opt out of the VSDP • Earn 5 hours per pay period • May use 48 hours for a family member

  21. A/P Faculty  Teaching Faculty  Annual Leave • 9-month faculty members ineligible • Accrual is based on an employee's status and his or her years of state service. • Use is subject to the supervisor's approval Annual Leave for Twelve-Month Administrative/Professional , Twelve-Month Teaching Faculty, and President

  22. A/P Faculty  Teaching Faculty  UNUM Long Term Disability • UNUM Long Term Disability is designed to protect your income should you become medically unable to work. Upon claim approval, non-taxable benefit payments begin after 90 days of total disability. • Not available to VSDP participants • Premium paid by employee through payroll deduction • Must enroll within 60 days of employment • You may: purchase 25%, 40%, or up to 50% coverage of basic monthly earnings to a maximum benefit of $5000 per month. There are no offsets for Social Security, Workers Compensation, Retirement Plans, or individual LTD plans. Benefits are payable up to age 65.

  23. A/P Faculty  Teaching Faculty  Legal Resources • Unlimited general advice & consultation, wills & estate matters, traffic violations, family law, real estate matters, identity theft assistance, etc. • Membership cost is $18.00 per month and covers you and your family’s attorney fees. • You must enroll within 60 days of NOVA employment date and remain in program for 1 year • During enrollment you authorize payroll deductions and choose a law firm from the Legal Resources network. • Member is responsible for all non-attorney costs such as filing fees, court costs, fines, etc.

  24. A/P Faculty  Teaching Faculty  Employee-Paid Long Term Care • Long term care is insurance to prepare for the possibility of needing assistance in the activities of daily living following a prolonged illness, disability or injury. • You may elect to cover your spouse, parents, and parents-in-law as well (subject to medical underwriting) • Insurance assists you in paying for nursing home care, assisted living facility care, hospice care, at-home services and community-based care • If you apply for long term care insurance within 60 days of your hire date, your personal coverage will not be subject to underwriting. • Genworth is the state carrier for long term care insurance. The cost for long term care coverage varies with your coverage selection and age

  25. Benefit Provider Resources

  26. Benefit Provider Resources (Cont’d) Contact AskHR@nvcc.edu if you have any questions or need additional information

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