The following benefits are available to Teaching Faculty at the University of Mary Washington. The New Faculty Benefits Presentation is available for your review.
Employer Provided Benefits
- July 1, 2016 – June 30, 2017 premiums Insurance Premiums
- Health Insurance
- Virginia Retirement System–Faculty
- Optional Retirement Plan (ORP)
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.
- The Provider Network guide to finding providers, plans, and services that best fit the needs of you and your family. Effective 7/1/2015, a new .15 Administrative Fee is being accessed each pay period to employees with a post-tax payroll deduction administered under the Supplemental Insurance and Annuities program. The post-tax deduction is for voluntary insurances (such as AFLAC, Legal Resources, Liberty Mutual, etc.).
- The 403(b) Universal Availability Notice is available for your review.
- U.S. Savings Bonds: Participants who wish to continue purchasing U. S. Savings Bonds are encouraged to do so through TreasuryDirect, a web-based system for purchasing and holding electronic savings bonds. TreasuryDirect allows purchasers to arrange automatic debits from their own bank accounts to purchase bonds. For more information, visit www.treasurydirect.gov/.
- Voluntary Long-term care (LTC) Insurance