The Medical Center provides full-time and Flex Option employees financial and retirement benefits including retirement plans, tax-deferred savings plans and flexible spending accounts. A brief summary of these benefits is provided below. For detailed information click here.
Medical Center Retirement Plan (MCRP)
The Medical Center Retirement Plan is a defined contribution plan with retirement benefits based on tax-deferred accumulation. The current employer contribution is 4% of salary. Investment options are available through TIAA-CREF, Vanguard, or Fidelity. Employee is enrolled on date of hire and is 100% vested after 24 months of employment
Virginia Retirement System (VRS)
VRS is a "defined benefit" plan that provides benefits based on years of service, age, and average annual salary, paid during the highest 36 consecutive months of credited service. VRS provides retirement benefits, calculated at retirement, as early as age 50 with ten years of service. Full-time employees of the Medical Center who were members of the Virginia Retirement System prior to hire may select enrollment in either the VRS or the MCRP.
Tax-Deferred Savings Program (403B)
Employee may participate in a Tax-Deferred Savings Program on date of hire and will be 100%vested in employer matching contributions after 24 months of employment. Employees in the Medical Center Retirement Plan who make tax-deferred contributions to savings plans with TIAA-CREF, Vanguard, or Fidelity will receive a matching employer contribution. A minimum contribution of $25 per month is required. Employee contributions will be matched at 50% up to 4% of salary, not to exceed a 2% employer matching contribution.
Flexible Spending Accounts
Eligible to enroll in a Flexible Spending Account on the 1st day of the month following date of hire:
Dependent Care Account - Helps employees budget and pay for work-related dependent care on a pre-tax basis.
Health Care Account - Helps employees budget and pay for uninsured medical, dental and vision expenses on a pre-tax basis. Program includes use of prepaid debit card.