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Benefits

Full-Time Employees

In addition to competitive salaries, SVJC is proud to provide our employees with the following comprehensive benefits program.  This schedule serves as an overview and does not provide all provisions, limitations, and exclusions.  If there is a contradiction between this and the official plan documents, the plan documents will prevail.

 

 

Holidays - SVJC has adopted a standard schedule of holidays that include:

  • New Year's Day
  • Lee-Jackson Day
  • Martin Luther King, Jr. Day
  • President’s Day
  • Memorial Day
  • Independence Day
  • Labor Day
  • Columbus Day
  • Veteran's Day
  • Thanksgiving Day
  • Day After Thanksgiving
  • Christmas Day

 

Annual Leave

Upon employment, most employees will begin accruing annual leave per pay period (26 pay periods per year). As service increases, your accrual rate will increase.  A maximum amount of hours may be carried over from one calendar year to another (carryover is based on length of service). Upon retirement, you will be paid for any accumulated annual leave up to the maximum balance.

 

Sick Leave

Employees will accrue sick leave per pay period (26 pay periods per year).  There is no maximum accrual.

 

Paid Time Off (PTO)

Upon employment, most employees will begin accruing PTO leave per pay period (26 pay periods per year).  As service increases, your accrual rate will increase.  A maximum amount of hours may be carried over from one calendar year to another (carryover is based on length of service).  Upon retirement, you will be paid for any accumulated PTO leave up to the maxiumum balance.

 

Health Insurance

All full-time employees may choose to be covered under the Center’s “Local Choice” group health insurance policy with Anthem.  Premiums are deducted on a pre-tax basis on each of the 12 pay periods. 

 

Life Insurance

SVJC provides basic group term life insurance to employees through the Virginia Retirement System (VRS), and underwritten by Minnesota Life Insurance Company.  For a natural death, the benefit is equal to the employee's pay (rounded to the next $1,000), and then doubled. For accidental death, the benefit is four times the employee's pay. There is no maximum limitation on this benefit. 

 

Optional Life Insurance

This program allows employees to elect up to four times their pay (not to exceed a maximum of $700,000) of additional life insurance. This plan also allows employees to purchase coverage for a spouse and/or children. 

 

Retirement

SVJC participates in the Virginia Retirement System (VRS) defined benefit plan. The plan provides retirement benefits for full time employees. Employees are in one of two categories: Plan 1 or Plan 2.  Plan 1 employees are employees hired prior to July 1, 2010 or hired after July 1, 2010 with prior VRS service credit. 

 

Plan 1 Retirement Benefit: The retirement benefit is determined by your age, highest 36 consecutive months of salary and years of service. VRS participants are eligible for full retirement benefits at age 65 with at least five years of service or at age 50 with at least 30 years of service. Participants may also retire as early as age 55 with at least five years of creditable service or as early as age 50 with at least ten years of creditable service.  Here is a link to the VRS Benefit Estimator that will estimate a monthly benefit with VRS.

 

Plan 2 Retirement Benefit: The retirement benefit is determined by your age, highest 60 consecutive months of salary and years of service. VRS participants are eligible for full retirement benefits when the normal Social Security retirement age is reached and with at least five years of service credit, or when age and service equal 90. Participants may also retire early at age 60 with at least five years of service credit. Here is a link to the VRS Benefit Estimator that will estimate a monthly benefit with VRS.

 

Hybrid Plan Retirement Benefit: The Hybrid Retirement Plan applies to employees hired on or after January 1, 2014, and to VRS Plan 1 and VRS Plan 2 members who opted into the plan during a special election window. The Hybrid Retirement Plan is funded through mandatory and voluntary contributions made by the employee and employer to both the defined benefit and the defined contribution components of the plan. Here is a link to the VRS Benefit Estimator that will estimate a monthly benefit with VRS.

 

Flexible Benefits Plan

SVJC offers supplemental insurance coverage from American Family Life Assurance Company (AFLAC).  This premium conversion plan provides for insurance premiums to be deducted from the employee's salary before taxes are computed.  All full-time employees who work a regular schedule are eligible to participate in the pre-taxed Flexible Benefits Plan upon employment.

  

Deferred Compensation

SVJC provides employees an additional opportunity to save for retirement. ING Financial Services oversees SVJC’s 457(b) deferred compensation plan, which offers you the ability to make voluntary contributions towards your retirement income. These contributions are made on a pre-tax basis through payroll deduction.