VCOM Administrative and Classified Staff Handbook

VCOM will match 50 percent of the employee’s contribution to their Supplemental Retirement Annuity (SRA), up to a maximum matching contribution of $20 per pay period. Please contact the VCOM Human Resources Director to determine the maximum amount that they are allowed to defer under this program and to ask other questions an employee might have regarding the benefit.

Cafeteria Plan Services

This plan allows employees to use tax-free dollars (free from federal, state and FICA taxes) to purchase flexible benefits from the following: Health Care Reimbursement Through this account, the employee may set aside, up to the maximum amount allowed by the IRS for that tax year, of his or her own tax-free dollars to pay for IRS-eligible medical expenses incurred by the employee or family members. Such expenses could include deductibles, co-payments, orthodontia, eyeglasses, contact lenses, routine physical exams, etc. The dollars remain in an account until needed to reimburse the employee for an expense, which has been incurred. Dependent Care Reimbursement An employee may choose to use this account for dependent care expenses, up to a maximum of $5,000 per year or $2,500 per year if married filing a separate return. These dollars, too, are not subject to federal, state or FICA taxes. Please keep in mind that each employee enrolled in the flexible benefit plan is responsible for maintaining and submitting the necessary documentation as well as submission of claims. The Human Resources Director can assist employees with any questions. Group Life and Disability Insurance All full-time VCOM employees participate in the group life insurance plan. Coverage will begin with the first full month of employment. VCOM provides this coverage at no cost to the employee. However, the cost of any life insurance over $50,000 is currently taxable income to employees. VCOM reports the benefit as taxable income. This plan provides life insurance and accidental death and dismemberment insurance during active employment. Specific benefits are: life insurance without a medical examination; indemnity for accidental death; dismemberment payments for accidental loss of one or more limbs, or eyesight; and natural death benefits. The amount of your coverage is twice the employee’s annual salary rounded to the next highest thousand. For example, if an employee’s salary is $35,200 annually, when doubled it is $70,400. Rounded to the next highest thousand it becomes $71,000 paid at time of natural death. For employees over the age of 65 years, the death benefit is reduced. Employees should review the life insurance booklets provided at the time of employment for further information. When individuals are first employed with VCOM, they will be asked to name a beneficiary for this life insurance coverage. Should an employee decide to change this information at any time, they should notify the Human Resources Director.

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