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Cost Summary
| Monthly Benefits Cost Summary for Full-Time Employees | |||
| October 1, 2012- September 30, 2013 |
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Pre-tax dependent deductions are withheld from pay in advance for medical and dental coverage. Example: Deductions for October coverage are withheld in September. Dependent children may be covered until age 26 on medical plan only. |
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Medical Coverage |
Total Cost |
Employee Cost |
Employee Cost w/HMP |
| Employee Only |
$398 |
$40 |
$0 |
| Employee + Child |
$576 |
$218 |
$178 |
| Employee + Spouse |
$606 |
$248 |
$208 |
| Family |
$772 |
$414 |
$374 |
| Family - Two Married City Employees |
$772 |
$132 |
$52 |
| Vision (must be enrolled in Health Management Program) | |||
| Employee Only |
$5 |
$0 |
$0 |
|
Employee + Dependent (spouse or one child) |
$9 |
$4 |
$4 |
| Family |
$14 |
$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 (20.89%) of base pay towards the retirement and disability benefit and employees pay the 5% member portion of this benefit. |
- |
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| 457 Deferred Compensation Retirement Plan (ICMA) |
No Match |
Min. $5 per pay period |
- |
| Group Life Coverage | |||
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Group Life Insurance 2x annual pay - natural death 4x annual pay - accidental death |
.082% of pay |
$0 |
- |
| Optional Life Insurance Coverage | |||
| How to Calculate Monthly Cost of Optional Life Insurance: | |||
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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 .08 to find monthly cost of $1.60. 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. |
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| Optional Life Coverage | |||
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Employee |
Spouse |
Children |
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|
Option |
Insur. Amount |
Insur. Amount |
Insur. Amount |
|
1 |
1x Annual Base Pay |
.5 Employee Base Pay |
$10,000 |
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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 |
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Optional Life Rates |
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Employee & Spouse |
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Age |
Monthly Rates Per $1,000 |
|
Under 30 |
$ .05 |
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30 - 34 |
$ .06 |
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35 - 39 |
$ .08 |
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40 - 44 |
$ .09 |
|
45 - 49 |
$ .14 |
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50 - 54 |
$ .21 |
|
55 - 59 |
$ .40 |
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60 - 64 |
$ .66 |
|
65 - 69 |
$1.27 |
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70 - 74 |
$2.06 |
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75 and over |
$2.06 |
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Optional Life Rates |
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Child(ren) |
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| Option |
Insurance Amount |
Flat Monthly Rate |
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1 |
$10,000 |
$ .80 |
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2 |
$10,000 |
$ .80 |
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3 |
$20,000 |
$1.60 |
|
4 |
$30,000 |
$2.40 |