Old Dominion University full-time employees have the opportunity to participate in a broad range of programs to meet specific needs. Employees are responsible for selecting the benefits that best meet their needs. Additional information is available by contacting the Benefits Office.
New employees have 30 days to enroll in the following:
- Health Care
- Flexible Spending Account (Dependent Care/Medical)
Changes may also be made during Open Enrollment periods. Health care membership and/or flexible Spending account changes are also allowed within 60 days of a qualifying mid-year event.
- VRS Optional Life Insurance - 31 days
- Long-Term Care Insurance - 60 days
- Long-Term Disability Insurance - 31 days
- Legal Plan - 31 days
Premiums are deducted from paychecks before taxes are calculated.
Old Dominion University offers full-time faculty and staff the option to enroll in health. For more information, and cost information visit the State's health benefits web site at: http://www.dhrm.virginia.gov/hbenefits/employeestoc.html
Section 125 of the Internal Revenue Services' (IRS) Code allows employees to choose certain pre-tax benefits as an alternative to taxable monetary compensation. Employees are eligible to enroll within 30 days of employment. This is a fiscal year (July - June) program. There is a $3.65 monthly administrative fee for participation in one or both FSAs.
Medical Flexibel Spending Account
This account allows an employee to set aside pre-tax dollars to pay for medical, dental, vision or other eligible expenses, that are not covered by the health plan.
Maximum amount during a plan year:
$2,500 - plan year maximum.
$10.00 is the minimum contribution per pay period.
Dependent Care Flexibel Spending Account
This account allows you to set aside pre-tax dollars to pay for eligible dependent care expenses, such as child care. Employees are eligible to enroll within 30 days of employment.
Maximum amount during a plan year:
- $5,000 - plan year maximum.
- $10.00 is the minimum contribution per pay period.
We've Made It Easy To Find What You Need Online
Visit the Flexible Benefits Program page on the DHRM Web Site at:
Virginia Retirement System (VRS) http://www.varetire.org/
Virginia Retirement System (VRS) is a defined benefit plan with a formula to calculate retirement benefits. Full-time and part-time classified employees participate in the (VRS) as a condition of employment effective on their employment date. Classified employees must contribute 5% of salary to VRS. Faculty has the option to elect to participate in VRS or an Optional Retirement Plan (see below). For faculty, participation in a retirement plan is also a condition of employment. You are vested after five years of VRS service. VRS benefits are paid in addition to any other retirement income you receive, including Social Security.
VRS Plan 1 and VRS Plan 2 http://www.varetire.org/Pdf/Publications/vrs-plans-comparison.pdf
Optional Retirement Plans (ORP) FACULTY ONLY
As an alternative to the Virginia Retirement System, the Commonwealth of Virginia and Old Dominion University offer full-time faculty members a choice of two optional retirement ORP plans. ORPs are defined contribution plans. Old Dominion University contributes 8.5 percent of the contract salary. Faculty must contribute 5% of their salary for a total amount contribution of 13.5% Faculty determines how the contribution is to be invested. Disability retirement is not provided. Faculty member are vested with the first contribution. Optional retirement plans available are:
- Fidelity Investment
Plans are immediately vested and portable and may be transferred to other colleges and universities outside of Virginia.
Full-time employees of Old Dominion University have life insurance provided by the Virginia Retirement System (VRS) effective the first day of employment as a condition of employment. It provides two kinds of insurance - life and accidental death and dismemberment. The amount of insurance coverage is equal to the employees' annual salary rounded to the next highest thousand, and then doubled. An amount equal to four times the employees' salary is payable in the event of accidental death. Premiums are paid by the University.
Additional optional life insurance is available and is administered by the Virginia Retirement System (VRS) and underwritten by Minnesota Life Insurance Company. It is available for employees and their spouses and dependents. Premiums are paid by the employee through payroll deduction. http://cnu.edu/hr/cnucomm/benefits/retirement/orpplancomparison.pdf
Long-term Care Insurance is offered to full-time employees and employees who work at least 20 hours per week. Coverage is available for the employee and eligible family members. Employees enrolling within 60 days of hire do not have to complete a health care questionnaire. Information about the Genworth long-term care plan is available on this web site:
Long-term disability insurance helps to protect your income if you are disabled due to injury or illness. The plan provides up to 60% of your basic monthly earnings after 180 days of disability. Long-term disability is offered to full-time employees. Employees enrolling within 31 days of hire do not have to complete a health care questionnaire. http://www.varetire.org/members/benefits/long-term-care/Voluntary-Long-Term-Care/index.asp
Personal Accident Insurance is offerred to full-time employees, their spouses and dependent children. Accident insurance can help you pay expenses if you or your eligible family members are seriously injured or killed in a covered accident.
Legal Resources is offerred to full-time employees. The Legal Resources Plan covers the attorney fees for the most commonly used legal services. The plan covers you, your spouse and your dependents and there are no usage limitation, co-pays or deductibles for the fully covered services. http://www.legalresources.com
Full-time employee and part-time employees who work at least 20 hours per week are eligible. TSA's provide employess with a retirement savings plan to supplement other retirement programs such as the Virginia Retirement System (VRS), Optional Retirement Plan (ORP) and/Social Security.
If you became a salaried state employee effective January 1, 2008, you will automatically be enrolled in the Commonwealth of Virginia 457 Deferred Compensation Plan. The 457 Plan automatically defers $20 per pay period from your paycheck along with a $10 employer cash match. Your deferral begins approximately 90 - 120 days after your employment date.
The 457 Plan is also available to part-time employees who work at least 20 hours per week. Part-time employees will not be automatically enrolled and are not eligible to receive the employer cash match.
Full-time and part-time salaried employees who have a tax sheltered annuity (403b) or the Commonwealth's Deferred Compensation Plan (457) are eligible for an Employer Cash Match contribution.
The cash match contribution is 80% o the employee contribution up to a maximum of $20 per pay period. For example to earn the ull cash match an employee must contribute $40 per pay period.
Workers' Compensation will pay medical bills and reimburse for lost wages in the event of a covered work-related accident/injury. Immediately report work related accidents or injuries to your supervisor.
Tuition assistance is available to:
- Full-time employees who have been employed for at leas one year by the application deadline.
- Part-time Classified and Hourly employees who have been employed for at least three years by the application deadline.
- Income must not exceed $89,000.00
Forms and program information for all tuition assistance programs.
The Family and Medical Leave Act (FMLA) is a federally mandated program that was signed into law on February 5, 1993 and amended by the National Defense Authorization Act on January 28, 2008. Enforcement actions under FMLA can be brought by either the United States Department of Labor or individual employees.
Employees are eligible access to first class trips at bargain prices trhough our partnership with Travel Counsellors, Inc.
Full-time and part-time Classified employees are automatically enrolled in the VRS. Faculty have the option to choose the VRS or the ORP.
The Virginia Retirement System is a defined benefit plan with a formula to calculate retirement benefits. The employee contribution is 5% of your salary. You are vested after 5 years of VRS service. VRS benefits are paid in addition to any other retirement income you receive, including Social Security.
If you were hired on or before June 30, 2010, and were vested by Jan 1, 2013, you are in VRS Plan I.
If you were not vested by Jan 1, 2013, you are in VRS Plan 2. http://cnu.edu/hrcnucomm/benefits/retirement/orpplancomparison.pdf
The ORP is a defined contribution plan. If you were hired on or before June 30, 2010, and you have an account balance, the employee contribution is $10 and the University contribution is 10.4%
If you were hired on or after July 1, 2010, the employee contribution is 5% and the University contribution is 8.5%.
Employees choose the OPR record keeper (TIAA CRFF or FIdelity) and how contributions are invested. You are vested immediately.