VCOM Administrative and Classsified Staff Handbook

Mental Health and Wellness

Employees have access to mental health and wellness services through VCOM. They can access these services through the following providers: • t he physician network within their Anthem health coverage ; • t he Anthem – EAP (Employee Assistance Program) ; and/or • VCOM’s Teladoc benefit for all full-time employees with or without health insurance coverage (VCOM full-time employees receive a discounted rate for therapy and psychiatry visits). Each campus offers the use of a meditation room for students and employees and promotes a healthy mind, body and spirit through the Via Wellness program. Via Wellness provides enrichment to campus life through a wide variety of sports, fitness and exercise, and social, cultural and spiritual events. Students, faculty, staff and their family members are welcome to participate in all Via Wellness activities. Retirement VCOM’s retirement plan is a defined contribution plan provided through the Council for Independent Colleges in Virginia Multi-Employer Plan (MEP). VCOM contributes a fixed percentage of an employee’s salary on a semi monthly basis to an account that is maintained in their name. Once the semi-monthly contribution is paid, the management of the retirement account is the responsibility of the employee. There is no guaranteed benefit at retirement. The amount of retirement benefits depends on the amount of money contributed over the term of your employment and the performance of the assets maintained in your account. Please keep in mind that each employee’s retirement account belongs to that individual employee. It is that employee’s responsibility to monitor the progress of their individual account as well as any administrative changes that need to be made. Employees who are within ten years of retirement should check to assure their savings are placed in accounts that will entitle them to withdraw those amounts within ten years. Investment Choices Employees may opt to have the monthly contribution to their account allocated in any way they wish, and once the money is in the accounts the employee can move it among the various accounts as they please with some exceptions. Vesting Vesting in VCOM’s retirement program is immediate. Immediate vesting means that when an employee leaves the employment of VCOM, the contributions which have been made on the employee’s behalf, belong to the employee. Under certain conditions, if an employee leaves VCOM, the employee may opt to withdraw the money in their account. IRS penalties may result if monies are withdrawn from the employee’s account prior to the age of 59½ and are not re-invested in another qualified retirement plan. Deferred Compensation Plan A deferred compensation plan is also available to VCOM employees. This program allows employees to set aside a portion of their income through payroll deductions, with all contributions and earnings free from current state and federal income taxes unless a ROTH option is selected. With such a plan, employees defer receiving that income until they retire and are presumably in a lower tax bracket. Investment choices for the deferred compensation plan are the same as the regular retirement plan.

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