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VOLUNTARY BENEFITS

 

Supplemental Retirement Accounts


Tax-Deferred Annuities - 403(b) and 457 Accounts

The university provides employees the opportunity to supplement their retirement income through pre-taxed supplemental retirement accounts. Deposits can be payroll deducted and placed into a special savings account that can be accessed at the time of retirement. Employees may elect to have up to 100% of their income (up to IRS cap) deducted and placed into a 403(b) or a 457 account. If interested in participating in a supplemental retirement account, please contact a Benefits Specialist at 540-568-3593. The employee is responsible for ensuring that his/her contributions are in compliance with IRS regulations concerning tax-deferred contributions. Visit the HR website for a list of participating companies.

Roth 403(b) and Roth 457 Contributions

The university provides employees the opportunity to supplement their retirement income through after-tax supplemental retirement accounts. The compensation that you defer to a Roth 403(b) or Roth 457 is contributed to the plan after state and federal income tax have been withheld. Then, at retirement, when you are eligible to take qualified distributions from your Roth 403(b) or Roth 457 account, the contributions and earnings on those contributions are not subject to federal income tax. Visit the HR website for a list of participating companies. Also, see the FAQs on HR’s website to help you decide whether Roth contributions are the right savings feature for you.

Employer-Paid Cash Match Plan

JMU offers a Cash Match Plan, which can be started any time after employment, to all full-time employees who establish a supplemental retirement account. Employees enrolled in the Virginia Retirement System Hybrid Retirement Plan must be contributing the full 4% voluntary contributions before they are eligible for the Cash Match Plan. The employer match is a half match program with JMU contributing the maximum of $20.00 per pay period. For example, an employee who contributes $40.00 per pay period to his/her supplemental retirement would receive a $20.00 per pay period match. The money contributed to the employee’s supplemental retirement account is either a 403(b) or 457 account, while the match contribution is a 401(a) account. An employee is only eligible for one match account.

Roth IRA

Employees may invest in a tax-advantaged Roth IRA retirement account. Employee-only contributions are made with after-tax dollars and are tax-free at the time of withdrawal. Employees investing in Roth IRAs are responsible for ensuring that their contributions are in compliance with IRS regulations. Visit HR's Roth IRA website for a list of participating companies and detailed information.

Optional Life Insurance


Additional life insurance to supplement the basic life insurance is available to employees. Administered by VRS and underwritten by Minnesota Life Insurance Company, the plan allows employees to purchase additional insurance at group rates for themselves, their spouse and children. Rates are based on the employee's age, salary and coverage option for the employee and any covered children. Spousal rates are based on the spouse's age, employee's salary and coverage option.

Aflac Supplemental Insurance


Aflac supplemental policies pay cash benefits directly to the insured. Employees may choose the plan(s) that best suit their needs.

Aflac currently offers five plans on a pre-tax basis through payroll deduction:

  • Accident Plan - provides benefits for any accident
  • Cancer Plan - features a first occurrence benefit, hospital confinement and outpatient benefits
  • Intensive Care Plan - provides coverage for a stay in intensive care for any sickness or accident
  • Hospital Protection Plan - provides payment for any sickness or injury that requires hospital confinement
  • Critical Care Plan - provides coverage for incidents such as heart attacks, strokes and more

Aflac currently offers one plan on an after-tax basis through payroll deduction:

  • Personal Disability Income Protector Short-Term Disability Insurance – provides income replacement for non-work-related disabilities

Contact Michael Glover via email at Michael_glover@us.aflac.com for additional information.

529 College Savings Plan through FIRM & American Funds


All U.S citizen employees, those full-time and part-time, are eligible for the plan.  With the CollegeAmerica 529 Plan through American Funds, you get some great benefits:

  • Tax-advantaged investing – earnings in a 529 grow free from federal tax.  This can help you accumulate more over the long term.
  • Flexibility – you can use the assets in your account to fund expenses in any U.S. public or private college –undergraduate, graduate, professional or vocational.  Qualified expenses include tuition, fees, room and board, and many more.  Initial contribution is as low as $25 minimum per fund. The amount of these contributions moving forward, are fully adjustable:  you can start, stop, increase, decrease and suspend contributions at any time.
  • Convenience of automatic investing — you can easily invest on a regular basis through payroll deductions.
  • Investing for any beneficiary – you can save for anyone—your children, grandchildren, nieces, nephews, friends, etc.  You can even save for yourself.  In addition, there are no age or income limits.
  • No up-front and back-end sale charges – because you would invest in Class 529-E shares offered only through an employer-sponsored plan, you do not incur these sales charges.
  • Portability – you can retain CollegeAmerica and continue investing in 529-E shares even upon termination of employment.

For more information, watch this informational video

http://mediahub.financialpicture.com/view/172/493

Contact Philip Harris via phone 215-557-7622 or email phil@firmadvisor.com for additional information.

Home and Auto Insurance through MetLife


Employees will be eligible for discounted rates for home and auto insurance through MetLife. Take advantage of payroll deduction for additional savings. Contact Carrie McNamara via phone 804-441-6224 or email cmcnamara@metlife.com for additional information.

Pet Insurance through VPI


Employees will be eligible for a 5% discounted rate for pet insurance, while being able to choose from three different plans. Contact Carrie McNamara via phone 804-441-6224 or email cmcnamara@metlife.com for additional information.

Identity Theft and Legal Protection Plans through LegalShield


All employees, both full-time and part-time, are eligible for the plans. The family legal plan covers spouses or domestic partners, never-married dependent children under age 26 living at home or who are full-time college students, dependent children under age 18 for whom the member is legal guardian, and physically/mentally disabled children living at home. The family IDShield plan covers spouses or domestic partners and minor children.  You may purchase identity theft or legal plans as a stand-alone benefit, or you may purchase both at a discounted bundled rate. Both legal and IDShield reduced rates are also available for individuals who are not married and have no dependent children. Contact Ken Roebuck via phone 757-334-1294 or email roebucklegalshield@icloud.com for additional information.

Employee Wellness Program


CommonHealth is the employee wellness program for the Commonwealth of Virginia.

CommonHealth offers:

  • Stress Management Sessions
  • Weight Watchers Reimbursement
  • The Compass Newsletter
  • Fitness Center Discounts
  • Annual wellness events like walking and weight loss challenges
  • A full library of past programs complete with all educational materials
  • An interactive website with health quizzes and wellness tools for you and your family

Please note that eligibility for some programs is dependent upon enrollment in the state health benefits plan. JMU’s agency coordinator is Tara Roe, roetb@jmu.edu, 540-568-5533.

JMU’s Work/Life Balance and Wellness Council


“We foster for all faculty and staff a culture and environment that supports healthy work/life balance and personal and professional growth.” 

This is a core quality of the Madison Strategic Plan for faculty and staff success.

A consortium of diverse and passionate individuals from all university divisions and employment classifications formed the university’s Work/Life Balance and Wellness Council in response to the Strategic Plan’s goal, “The university will support and seek to identify tools and resources to assist our employees in achieving a reasonable and satisfactory work/life balance.”

The Council asserts to being dedicated to helping our employees reach a blend of personal satisfaction in four core areas: Work, Family, Community, and Self in pursuit of a meaningful quality life. We will feature university programming and activities related to Mind, Body, Balance, and Relationship.

The Council’s purpose and focus:

  • Support Human Resources in showcasing and promoting work/life and wellness benefits and resources to all employees
  • Advise Human Resources on strategies, practices, programs, policies and benefits that support the core quality of Faculty and Staff Success
  • Recommend strategies and seek opportunities to achieve the goal to identify and implement a comprehensive approach to work/life balance
  • Encourage participation by fellow employees in campus and community work/life balance and wellness programs
  • Share the expertise, opportunities and initiatives available to their division and community related to work/life balance and wellness
  • Assist in the creation of a highly visible and comprehensive communications strategy that will enhance the acceptance and recognition that work/life balance and a culture of wellness is valued at the university
  • Serve as a conduit to foster collaboration and information sharing among various committees and individuals who are currently working on work/life-related proposals

Tara Roe, roetb@jmu.edu, 540-568-5533 in Human Resources, is available to answer any questions you may have about the Council and its mission.

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