Northampton County Part 2 Open Enrollment August 5, 2021VRS OVERVIEW
PLAN OVERVIEW
years of service credit as of 1/1/13
Plan 1 Plan 2 Hybrid
Hired or rehired before 7/1/10 & you have less than 5 years of service
credit as of 1/1/13 OR
Hired or rehired from 7/1/10 to 12/31/13
Hired on or after 1/1/14
PLAN ELIGIBILITY
RETIREMENT PLANS
Defined Benefit
• Pays a lifetime monthly benefit • Benefit is based on a formula • VRS manages the investments and risk
Defined Contribution • Pays a retirement benefit based on
contributions by you and your employer and the investment performance of those contributions
• You manage the investments and risk
YOUR RETIREMENT
Unreduced Reduced
OR
OR
RETIREMENT ELIGIBILITY – PLAN 1
5 years of service
RETIREMENT ELIGIBILITY – PLAN 2 & HYBRID
MYVRS
HYBRID EDUCATION
CONTACT US
VRS: 888-827-3847
ICMA-RC: 855-291-2285
www.NRSFORU.com
Discover the long-term benefits of deferred compensation
Whether you’re just starting your career, winding it down or anywhere in-between, you have your Nationwide Deferred Compensation Retirement Specialists
to help you prepare for and live in retirement
1. ENROLL in just minutes. Our online process is simple and intuitive.
2. WATCH videos that can help you understand why you should consider saving, investing and preparing for retirement through your 457(b) plan.
3. MANAGE if you are already enrolled in the plan. » Set up an online account » Increase contributions » Consolidate retirement assets*
https://bit.ly/3rCUbJN
Retirement Resource Group 888-401-5272 or nrsforu@nationwide.com https://retirementspecialists.myretirementappt.co m/
Solutions Center 877-677-3678
Nationwide is here to help, for personal assistance with any step of Plan participation, SCHEDULE AN APPOINTMENT with a Retirement Specialist.
NaTosha D. Palmer Insurance products issued by Minnesota Life Insurance Company
Northampton County
Richmond VA 23218-1193 1-800-441-2258
NaTosha D. Palmer natosha.palmer@securian.com
Active Member
annual salary
• No exclusions
• Automatically enrolled as an employee
• No cost to you
Active Member
Optional • You can enroll in additional coverage, up to 4x your annual
salary
• Additional benefits include:
- Accidental death & dismemberment
Optional Life Insurance for Active Employees
Option Employee Insurance Amount
1 1x salary 0.5x employee salary $10,000
2 2x salary 1x employee salary $10,000
3 3x salary 1.5x employee salary $20,000
4 4x salary 2x employee salary $30,000
Thinking about retirement? Here is what you need to know about your VRS Group Life Insurance.
Retirees Must meet VRS minimum age and service requirements
Plan 1 Age 50 with at least 10 years of service Age 55 with at least 5 years of service
Plan 2 and Hybrid Age 60 with at least 5 years of service
Retirees
Basic coverage is retained at reduced level if age and service requirements are met.
Will reduce 25% every January 1st until it reaches 25% of pre- retirement level of insurance. (0.5 x salary)
Accidental and Dismemberment terminates
Retirees
Retirees may continue Optional Life at selected amounts, if enrolled in Optional life for 60 months before retirement.
• The lesser of either Optional in force, or Option 1 or 2.
• The maximum amount shall not exceed $300,000.
• 25% reduction at ages 65, 70, 75, and 80, with no insurance after age 80
Beneficiary
Who will get my life insurance?
Beneficiary(ies) on most recent Beneficiary Designation (VRS 2) filed with the Virginia Retirement System (VRS).
• Primary (beneficiary class to be paid first)
• Contingent (beneficiary class paid if no “primary” beneficiaries remaining)
Beneficiary
If no designation on file, pay by “order of precedence”
• Spouse • If no surviving spouse, children and
descendants of deceased children • If none of the above, your parents • If none of the above, executor of your estate • If none of the above, next of kin
What matters today matters always
Text “VRS” to 70774
To receive a digital copy of your basic and optional life insurance
coverage options.
*Data and message rates may apply. This is a one-time message. You are not opting in to receive additional SMS text messages from Securian Financial.
Securian Financial PO BOX 1193
Richmond VA 23218-1193 1-800-441-2258
NaTosha D. Palmer natosha.palmer@securian.com
All Northampton County Government Employees have access to Voluntary Benefits with AFLAC. An email has been sent to all employees with information on cost and a link where you can view a short video explaining the products: That link is: https://www.Aflac.com/individuals/product- videos/default.aspx
Coverage Premium- Per Pay
Family $30.23
Short Term Disability: Monthly Benefit $500 - $6,000 Injury- Pays day 1 for off job (optional 50% on job) Illness- Pays day 8, 15, 31…
Pays up to 3, 6, 12, 18, or 24 Months Per Disability.
AFLAC will Guarantee Issue your policy up to 6 months per disability.
Covers Maternity as long as policy is in force 10 months prior to giving birth.
EXAMPLE OF AN EMPLOYEE WHO MAKES A GROSS INCOME OF $20,000:
Monthly Disability Income of $1,000 every 30 days up to 6 months per Disability:
Age: 18-49 0/30/6 Cost $9.75 0/14/6 Cost $13.65 0/7/6 Cost $19.50
Age: 50-64 0/30/6 Cost $13.65 0/14/6 Cost $18.20 0/7/6 Cost $23.40
Age: 65-74 0/30/6 Cost $16.90 0/14/6 Cost $22.75 0/7/6 Cost $29.25
AFLAC VALUE RIDER- $5.46 Pays $1,000 every 5 years less any claims or $100.
According to the American Cancer Society:
Peace of Mind and Cash Benefits
3 Personal Cancer Indemnity Plan
Cancer is the most financially devastating disease. 80% of those who filed for bankruptcy had health insurance.
**Cancer Indemnity - Per Pay
Ages 18-75 Individual Family
Plan 1 $11.35 $19.50
Plan 2 $15.45 $27.00
Plan 3 $18.75 $32.20
Option 3 $16.45 $22.23
Option 4 $20.93 $26.78
VISION- Per Pay Period
18-39 $6.95 $11.45 $10.95 $14.45
40-49 $9.45 $13.20 $15.95 $18.65
50-70 $14.20 $16.45 $24.45 $24.95
Aflac Life
47 year old female nontobacco
10 Y Term 20 Y Term 30 Y Term Whole Life
$7.99 $10.79 $14.92 $29.54
Example: 10 year old Child or Grandchild
10K WL 20K WL 30K WL
$4.30 $8.50 $12.75
CAIC GROUP CRITICAL ILLNESS Series 2800 - Additional Benefits Rider Heart Event Rider Genetic Testing Benefit Rider NON-TOBACCO for Employee
AGE $5K $10K $15K $20K $25K $30K $35K $40K $45K $50K
18-29 $2.19 $3.11 $4.04 $4.96 $5.89 $6.81 $7.74 $8.66 $9.59 $10.51
30-39 $2.79 $4.31 $5.84 $7.36 $8.89 $10.41 $11.94 $13.46 $14.99 $16.51
40-49 $4.36 $7.46 $10.56 $13.66 $16.76 $19.86 $22.96 $26.06 $29.16 $32.26
50-59 $6.24 $11.21 $16.19 $21.16 $26.14 $31.11 $36.09 $41.06 $46.04 $51.01
60-69 $9.26 $17.26 $25.26 $33.26 $41.26 $49.26 $57.26 $65.26 $73.26 $81.26
SPOUSE IS ELIGIBLE FOR 50% OF EE’S BENEFIT CHILDREN COVERED AT 25% AT NO ADDITIONAL COST Wellness Benefit each calendar year, per covered adult. Genetic Testing Benefit.
AGE $5K $10K $15K $20K $25K $30K $35K $40K $45K $50K
18-29 $2.19 $3.11 $4.04 $4.96 $5.89 $6.81 $7.74 $8.66 $9.59 $10.51
30-39 $2.79 $4.31 $5.84 $7.36 $8.89 $10.41 $11.94 $13.46 $14.99 $16.51
40-49 $4.36 $7.46 $10.56 $13.66 $16.76 $19.86 $22.96 $26.06 $29.16 $32.26
50-59 $6.24 $11.21 $16.19 $21.16 $26.14 $31.11 $36.09 $41.06 $46.04 $51.01
60-69 $9.26 $17.26 $25.26 $33.26 $41.26 $49.26 $57.26 $65.26 $73.26 $81.26
SPOUSE IS ELIGIBLE FOR 50% OF EE’S BENEFIT
CHILDREN COVERED AT 25% AT NO ADDITIONAL COST
Wellness Benefit each calendar year, per covered adult. Genetic Testing Benefit.
Thank you for taking your time to review Part 2 of the changes for this Plan Year. Benefit changes/elections will be reflected in the 1st November payroll for Aflac- November 12, 2021.
Changes for everything else would be first payroll in October – October 1, 2021.
Please return all completed forms to the Human Resources office by August 20, 2021.
If you have any questions, please contact Human Resources.
Sharitah Goodwyn @ 757-678-0440 x551 or sgoodwyn@co.northampton.va.us
July 1, 2021
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Active MemberBasic
Active Member Optional
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BeneficiaryWho will get my life insurance?
BeneficiaryIf no designation on file, pay by “order of precedence”
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Text “VRS” to 70774 To receive a digital copy of your basic and optional life insurance coverage options.
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