Faculty

The following benefits are available to Teaching Faculty at the University of Mary Washington.

Employer Provided Benefits

Plan 1 orp http://www.varetire.org/employers/member-benefits/defined-contribution/orphe-plan1/Index.asp
Plan 2 orp http://www.varetire.org/employers/member-benefits/defined-contribution/orphe-plan2/index.asp

  • Basic Life Insurance:  Basic life insurance provides life insurance and accidental death and dismemberment insurance.  This program is managed for the Virginia Retirement System (VRS) by Minnesota Life Insurance Company.  The specific benefits are as follows:
    • group life insurance without a medical examination
    • natural death benefits
    • double indemnity for accidental death
    • dismemberment payments for accidental loss of one or more limbs or eyesight
    • accelerated death benefit for a terminal condition

The amount of your life insurance is equal to your annual salary rounded to the next highest thousand, and then doubled.  An accidental death benefit is equal to the annual salary rounded to the next highest thousand times four.  If your group life insurance coverage exceeds $50,000 for natural death, you may be required to report a portion of the premiums paid as income for federal, state, and FICA tax purposes.

For the accidental loss of one limb or sight of one eye, you will receive a payment equal to your salary rounded to the next highest thousand.  For the loss of two or more limbs and/or total eyesight, you would receive a payment equal to your salary rounded to the next thousand and doubled.

Click here for a Certificate of Life Insurance.

Retirement Information

Optional Benefits