Section 3: Facuty Contracts, Ranks, Search Procedures, and Benefits
3.14 Fringe Benefits
All new faculty are expected to contact the HRO on or before the effective date of their appointment to receive full information regarding the various benefit and deduction programs and to complete certain personnel forms. Any faculty member desiring detailed information pertaining to benefit programs should contact the HRO.
3.14.1 Social Security (Old Age Survivor Disability Insurance OASDI) and Medicare (Hospital Insurance -HI) All faculty and staff members are under Social Security and are required by federal law to contribute to this system. The University matches exactly the amount paid by the faculty member. For OASDI it is currently 6.2 %, and for HI it is 1.4%.
3.14.2 Retirement Plans There are two types of retirement plan options available to faculty members--a defined benefit plan which is provided by the Virginia Retirement System (VRS), or a defined contribution plan, known as an Optional Retirement Plan (ORP), which is provided by six different vendors. Each faculty member must decide which of these retirement programs to join when he or she begins employment at the University.
3.14.3 Group Life Insurance Group term life insurance is provided for all faculty at no cost to them. The base amount of insurance is calculated on the annual salary rounded to the next highest $1,000 and doubled. The base amount is doubled for accident death benefits. A reduced amount of paid-up life insurance is provided at retirement.
3.14.4 Health Care Plans There are a variety of health care plans offered by the Commonwealth of Virginia, at a small cost to full-time faculty members. In addition, dependents may be enrolled in the programs with payment provided through payroll deduction. Application for a program should be made through the HRO.
3.14.5 Disability Insurance Faculty members who belong to VRS and are not in VSDP are covered for disability retirement at no additional charge.
3.14.6 Optional Payroll Deductions
3.14.6.1 Credit Union The services of the Virginia Credit Union (VACU) are available to all full-time salaried employees of the University of Mary Washington, and payroll deduction is one such service. For complete information, contact the VACU branch office in the Campus Center.
3.14.6.2 Savings Bonds Optional payroll deductions may be made toward purchases of Savings Bonds. Information can be obtained from the HRO.
3.14.6.3 Tax Sheltered Annuities and Deferred Compensation Plan The University offers several tax sheltered annuity plans (403 (b)) through payroll deductions, with the individual responsible for paying the full cost of the program. There are several vendors who offer tax sheltered annuities. The Commonwealth of Virginia also offers a deferred compensation plan through payroll deduction. Questions about these programs should be addressed to the HRO or the company representative.
3.14.7.1 Enrollment in Course Work by Faculty Members Faculty members may enroll for course work at the University of Mary Washington either for credit or for no credit provided it does not interfere with their own instructional or related duties (see §4.5.2). Any applicable fees must be paid by the faculty member.
3.14.7.2 D Card Privileges Faculty members and their spouses are given an identification (ID) card and may use it to obtain free admission to theatrical productions, concerts, and lectures. Also, faculty may use the University’s recreational facilities (within certain restrictions which can be obtained from the Health and Physical Education Department).
3.14.7.3 Bookstore Discounts The University Bookstore extends a twenty percent discount for the purchase of books for personal use to all faculty and staff. This discount is also extended to departments for purchases for use by the department. (This excludes any books purchased by departments for student use.) The Bookstore does not accept personal charge accounts. Purchases may be paid for by cash, check, VISA, Mastercard or the EagleOne debit card. Faculty can obtain desk copies of current texts from the Bookstore by paying for them or by charging them to their academic departments. The department chair must authorize the charge on an interdepartmental requisition. Within sixty days of the start of each semester, a new book with no writing, marks or publisher's stamps may be returned for a refund (if accompanied by a receipt) or applied for credit to the department.