The State Health Benefits Program is adding a Grace Period to the 2020-2021 Dependent Care Flexible Spending Accounts plan year (7/1/2020 - 6/30/2021) which will extend the period to incur claims until October 31, 2021. More details about the Grace Period will be announced in early May. There will not be a Grace Period for 2020-2021 Health Care Flexible Spending Accounts.
Premiums for Optional Life Insurance are based on age and salary. Updated premiums apply to employees who experienced salary changes, and to employees and covered family members whose age category changed, since the 2020 premium update. Updated premiums are automatically applied to paychecks based on billing from the insurance provider, Securian.
The monthly premium rates by age range for each thousand dollars of coverage can be found in the program brochure.
VCU Human Resources will mail a notice during October to all employees who are:
The notice verifies that the state employee health plans are, on average for all plan participants, expected to pay out as much as standard Medicare prescription drug coverage pays, and are therefore considered creditable coverage. Because the state employee coverage is creditable coverage, Medicare-eligible employees can keep the coverage and not pay a higher premium (penalty) when enrolling in Medicare drug coverage later.
Please keep the notice when you receive it by mail at your home address, as you may be required to produce it when and if you decide to enroll in a Medicare drug program in the future.
For more information about Medicare and state health coverage through VCU, see the FAQ at https://hr.vcu.edu/media/hr-old/documents/Medicare_FAQs.pdf.
All benefit election(s) and supporting documentation must be returned by creating a service request at go.vcu.edu/hrsupport, by email or fax, or by uploading to VCU Filelocker. See Enroll in Benefits page.
2021 Deferral Limits for Voluntary Retirement Savings
The 2021 annual deferral limit for 403(b) and 457(b) retirement savings plans will be $19,500. The limit for each plan type applies to pre-tax and after-tax (Roth) contributions combined in the following plans:
Note to Hybrid Plan participants: Voluntary contributions to the VRS Hybrid Plan are made to the VRS Hybrid 457. These contributions count toward the same 457(b) limit as contributions to the Commonwealth of Virginia 457(b) Deferred Compensation Plan (“DCP”). Combined contributions to both plans may not exceed the 457(b) limit.
Employees eligible for the age 50+ catch-up may defer an additional $6,500 to 403(b) and/or 457(b) plans in 2021.
No action is required to continue current deferral elections in 2021. Employees who wish to change deferral elections may request changes at any time. See Tax Deferred Annuity and Deferred Compensation Plan for more information.
The 2021 limits apply to all 403(b) and 457(b) plans in which a person participates during 2021. If you participate in plans outside of VCU that fall under the same limits, you must ensure that your combined contributions to VCU plans and all like plans outside of VCU do not exceed the limits.
ALEX for VCU is the new interactive benefits counselor for faculty members and University and Academic Professionals. Have chat with ALEX about health coverage, flexible spending, retirement benefits, life insurance, and disability coverage by visiting www.myalex.com/vcu/2020-2021 from your computer, smartphone, or mobile device.
VCU Human Resources is aware that some employees have recieved email solicitations or social media contacts that attempt to represent themselves as official communications from VCU about employee benefits. VCU announcements about employee benefits will come only from VCU email addresses or through official VCU social media channels. VCU's approved retirement plan service providers are Virginia Retirement System, TIAA, and Fidelity Investments. Communications from these approved retirement plan service providers will include their logos and references to specific programs in which VCU employees participate. Communications from other parties are not authorized by VCU.
The state's Employee Direct system is currently unable to process health benefits elections and changes outside of Open Enrollment. Please use the current health benefits enrollment form (PDF version or DocuSign version) to submit changes or make elections.