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    Cost Summary

     

    Monthly Benefits Cost Summary for Full-Time Employees
    January 1, 2014 - December 31, 2014

     

    Pre-tax dependent deductions are withheld from pay in advance for medical and dental coverage. Example: Deductions for January coverage are withheld in December. Dependent children may be covered until age 26 on medical plan only.

    Medical Coverage

    Total Cost

    Employee Cost

    Employee Cost w/HMP

    Employee Only

    $419

    $42

    $0

    Employee + Child

    $597

    $220

    $178

    Employee + Spouse

    $633

    $256

    $214

    Employee + Children

    $744

    $367

    $325

    Family

    $804

    $427

    $385

    Family - Two Married City Employees

    $892

    $138

    $54

    Vision (must be enrolled in Health Management Program)
    Employee Only

    $5

    $0

    $0

    Employee + Dependent
    (spouse or one child)

    $9

    $4

    $4

    Family

    $13

    $8

    $8

    Prescription Coverage
    Administered by
    Script Care

    60% for 30 day supply

    40% for 30 day supply

    -

    Dental Coverage
    Employee Only

    $27

    $0

    $0

    Employee + Dependent
    (spouse or one child)

    $47

    $20

    $20

    Family

    $62

    $35

    $35

    Retirement
    Virginia Retirement System
    (VRS)

    The City pays employer portion (20.80%) of base pay towards the retirement and disability benefit and employees pay the 5% member portion of this benefit.

     

    -

    457 Deferred Compensation Retirement Plan (ICMA)

    No Match

    Min. $5 per pay period
    Max. up to $16,500 annually or $22,000 if age 50

    -

    Group Life Coverage
    Group Life Insurance
    2x annual pay - natural death
    4x annual pay - accidental death

    1.19% of pay

    $0

    -

    Optional Life Insurance Coverage
    How to Calculate Monthly Cost of Optional Life Insurance:

    1. Decide how much additional life insurance you want for yourself, choose Option 1, 2, 3 or 4 and whether you want coverage on spouse and children.

    2. Find cost per $1,000 of coverage next to your age in Employee + Spouse Rates table below.

    3. Multiply cost times per $1,000 of life insurance coverage. For example: If one times your annual base pay is $20,000 and your age is 35, you would multiply 20 X .06 to find monthly cost of $1.20.

    4. Based on option chosen and corresponding spouse coverage, if any, repeat formula using cost based on spouse's age for spouse premium.

    5. Children's premium is a flat rate based on option you choose. See rates below.

     

     

     

    Optional Life Coverage

    Employee

    Spouse

    Children
    Qualified Dependent to Age 21

    Option

    Insur. Amount

    Insur. Amount

    Insur. Amount

    1

    1x Annual Base Pay

    .5 Employee Base Pay

    $10,000

    2

    2x Annual Base Pay

    1x Employee Base Pay

    $10,000

    3

    3x Annual Base Pay

    1.5x Employee Base Pay

    $20,000

    4

    4x Annual Base Pay

    2x Employee Base Pay

    $30,000

     

     

    Optional Life Rates

    Employee & Spouse

    Age

    Monthly Rates Per $1,000

    Under 30

    $ .05

    30 - 34

    $ .05

    35 - 39

    $ .06

    40 - 44

    $ .09

    45 - 49

    $ .14

    50 - 54

    $ .20

    55 - 59

    $ .33

    60 - 64

    $ .65

    65 - 69

    $1.15

    70 and over

    $2.06

    Optional Life Rates

    Child(ren)

    Option

    Insurance Amount

    Flat Monthly Rate

    1

    $10,000

    $ .80

    2

    $10,000

    $ .80

    3

    $20,000

    $1.60

    4

    $30,000

    $2.40

     

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