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.
- Plan 1: Pre-Retirement Counseling Session
- Plan 2: Pre-Retirement Counseling Session
- Retiree Insurance
- Tax-Deferred Annuity (TDA) Programs: 403(b) Providers List
Deferred Compensation Plan (DCP)
- Optional Group Life Insurance
- Voluntary Long-term care (LTC) Insurance
- Information from Virginia Retirement System
- Coverage Brochure
- To apply
- Frequently Asked Questions
- Guide to Long-term Care Insurance
- The Provider Network
- 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/.