Professional Exempt Orientation. The College of William and Mary And VIMS Office of Human Resources

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Justin Shepherd
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1 Professional Exempt Orientation The College of William and Mary And VIMS Office of Human Resources

2 AGENDA Review Changes Annual Leave Due Date Retirement Options Virginia Sickness and Disability William and Mary Sick Leave Plan The Standard Long Term Disability Forms Professional Handbook

3 Meeting Dates Conversion informational sessions: Thursday, January 26, 2:00, Morton Hall 220 Tuesday, January 31, 9:00, Sadler Center, Tidewater B Wednesday, Feb. 1, 9:00, VIMS Watermen s Hall, McHugh Thursday, February 2, 9:00, Sadler Center, Tidewater B Monday, Feb. 6, 2:00, VIMS Watermen s Hall, McHugh

4 Annual Leave Annual leave accrues at the rate of 2.00 days per month of full-time employment (24 days per year). Leave may be accumulated up to 30 days (240 hours) per calendar year. Any overage of annual leave will be put in a leave bucket called Annual Leave Credits. You may use these anytime or it is paid off at separation of employment.

5 Virginia Retirement System & Optional Retirement Plan Choose a retirement plan during your 60-day open enrollment period which begins February 10 The deadline is Friday, April 7, 2017 Virginia Retirement System (VRS) your current VRS retirement plan; or Optional Retirement Plan (ORP) Plan 1 or Plan 2, defined contribution plan If you do not select the ORP, you will remain in your current VRS retirement plan

6 Retirement Plan Membership Dates If membership date is prior to July 1, 2010, and you were vested with VRS: Optional Retirement Plan (ORP) Plan 1 Virginia Retirement System (VRS) Plan 1 If you were not vested in Plan 1 by July 1, 2010, then you became a member of Plan 2. If membership date is July 1, 2010, to December 31, 2013: Optional Retirement Plan (ORP) Plan 2 Virginia Retirement System (VRS) Plan 2 If membership date is January 1, 2014, or later: Optional Retirement Plan (ORP) Plan 2 Virginia Retirement System (VRS) Hybrid Plan

7 Optional Retirement Plan (ORP) ORP is a defined contribution retirement plan to which both employee and employer make contributions. Your retirement benefit is based upon investment earnings over time and the age at which you choose to retire. Each pay period, you contribute 5% of your gross pay on a pre-tax basis, and W & M makes an additional 8.5% contribution for ORP Plan 2 participants. If you are eligible for ORP Plan 1, the employer makes the full contribution of 10.4%, with no employee contribution required.

8 Optional Retirement Plan (continued) Vesting is immediate for the account balance, including the employer contributions Plan providers are TIAA, Fidelity, or ICMA-RC Annual open enrollment of October 1-31 to change your plan provider only Following separation of employment (prior to retirement), you can either withdraw all funds (less penalty and tax), or roll funds over into another qualifying account (no fee or taxes).

9 Selecting a Plan Your selection of a retirement plan is irrevocable You have a 60-day period to make a choice, notify HR and turn in the necessary enrollment forms

10 Optional Retirement Plan Counseling Sessions Fidelity Investments Call for a session Tuesday, Feb. 14, 9:00 4:00, Sadler Ctr., Colony Room Monday, March 13, 9:00-4:00, Sadler Ctr., Colony Room Teachers Insurance and Annuity Assoc. (TIAA) Call for a session Wednesday, Feb. 15, 9:00-4:00, Sadler Ctr., Colony Room Tuesday, March 28, 9:00-4:00, Sadler Ctr., Colony Room International City Management Association Retirement Corp. (ICMA-RC) Call , x4926 for a session Thursday, March 2, 9:00-noon, Sadler Ctr., James Room 1:00-3:30, VIMS Watermen s Hall, Director s Conf. Room

11 Medical Disability/Sick Leave and Family Personal Leave ORP participants are covered by the College s Disability/Leave Plan VRS participants have a choice between the College s Disability Leave Plan or the Virginia Sickness and Disability Program (VSDP); this choice is irrevocable

12 Disability/Sick Leave Comparison

13 Disability/Sick Leave Comparison

14 Group Long Term Disability Insurance - The Standard Cost is.171% of annual salary Example: $50,000/12 = $4,166.67/mo. $4, x.171% = $ % x $7.13 = $4.28 Employer pays 40% x $7.13 = $2.85 Employee pays Total paid per paycheck = $1.43

15 Long Term Disability Enrollment/Waiver Form

16 Form VRS-65 Election to Participate

17 Virginia Sickness & Disability (VSDP) Opt-Out Form Complete only if you select the VRS retirement plan and prefer to be on the W& M leave plan.

18 VRS Enrollment Form

19 Exempt Open Enrollment Election Form

20 Classified to Professional Checklist

21 The Professionals and Professional Faculty Handbook The Handbook can be found at:

Faculty Retirement Options

Human Resources Faculty Retirement Options 1 1 Virginia Tech Faculty Retirement Two Choices: Optional Retirement Plan (ORP) Virginia Retirement System (VRS) Decision must be made within 60 days from date