Premium Conversion and Flexible Spending Account Programs
| DHRM Flexible Benefits | http://www.dhrm.virginia.gov/docs/default-source/benefitsdocuments/ohb/anthemfsasourcebook2014.pdf?sfvrsn=2 |
Premium Conversion and Flexible Spending Account programs are subject to regulations established by the Internal Revenue Service (IRS). Detailed information is available from the Benefits Administrator in the Office of Human Resources, AA/EEO or at the web site noted above.
Premium Conversion
This section applies to A/P Faculty and classified employees.
This feature reduces an employee’s net cost for Health Insurance by allowing him or her to pay the portion of his or her health insurance premium with pretax salary.
Medical and Dependent Reimbursement Accounts
This section applies to A/P Faculty and classified employees.
All employees who are eligible to participate in the State Health Benefits Program are eligible to enroll in the Medical and/or Dependent Care Reimbursement program, which allows payment of certain out-of-pocket expenses with pretax dollars. Changes to an employee’s employment status could affect his/her eligibility. See the Benefits Administrator for more information about waiting periods or eligibility requirements.
Deferred Compensation Plan, Supplemental Retirement Annuity Plans and Cash Match
| VRS Benefits | https://vadcp.ingplans.com/csinfo/planinfo.aspx?cl=VIRGNA&pl=650271PU&page=plan_informationintroduction&domain=vadcp.csplans.com |
This section also includes wage or supplemental part-time employees.
Through the Deferred Compensation Plan (DCP) and the Supplemental Retirement Annuity Plans (SRA), an employee may direct a portion of his or her salary into an investment fund by payroll deduction before state and federal taxes are applied. Typically, employees choose to receive the deferred income after retirement when they are likely to be in a lower tax bracket. Employees can enroll in a Deferred Compensation Plan (457) or a Supplemental Retirement Annuity 403(b), or both. Consult the Benefits Administrator in the Office of Human Resources, AA/EEO for more information.
This section applies to all classified and A/P employees.
The Commonwealth supports employee participation in the Deferred Compensation Plan or Tax Deferred Annuity by offering a Cash Match Plan. Participants who sign up for Cash Match will receive a Commonwealth contribution to their accounts each pay period of an amount equal to one-half of the classified employee’s own contribution, up to an established maximum; this value is currently up to 50% of the employee’s contribution, with the amount not to exceed $20 per payday. The maximum matching amount is set by the state legislature.