For more than ten years, Virginia’s public entities have had a choice in how to provide disability coverage to Virginia Retirement System (VRS) Hybrid Retirement plan members. This important coverage protects employees against income loss if they are unable to work due to physical disease, mental disorder, injury, or pregnancy.
While some public entities chose to continue using the VRS Hybrid Retirement Plan provided through the state, others have decided to utilize a comparable plan of employer-paid long-term and short-term disability insurance for Hybrid Plan employees, such as the one offered by VRSA.
If you are reviewing your benefit programs, rest assured that VRSA continues to offer a comparable program, in partnership with Marsh McLennan Agency (MMA-Richmond) and the insurance professionals at Lincoln Financial.
This program meets all requirements of 51.1 of the Code of Virginia. Our program:
- Manages and administers your self-insured short-term disability benefits;
- Fully insures and supports your long-term disability plan, and makes sure benefits properly integrate with any VRS retirement disability benefits; and
- Analyzes your overall leave program to develop a streamlined system that will better serve your entire workforce.
And, unlike the state plan, the VRSA/Lincoln platform offers flexible plan design options. They include:
- The option to eliminate the 12-month eligibility waiting period for disability, or you can leave it in place. Make the best choice for your budget and your employees’ needs.
- The option to provide coverage for your public safety employees. This could be a safety net in the event a claimant does not qualify for VRSA or Line of Duty Act (LODA) disability benefits.
Interested? Learn more here, or reach out to Marsh McLennan at: 804-565-6009. They will help you get started and make sure you:
- Understand how your disability plan is meant to work;
- Are properly equipped to communicate the benefits to your workforce;
- Know how to submit and monitor disability claims;
- Have access to Lincoln’s customer service team and online support tools; and
- Receive the guidance and expertise you need to maximize the effectiveness of your paid leave program.