March 2026 Employee Benefits Spotlight
Retirement benefits workshops available to employees
From: Human Resources
Below is a list of important announcements from the Benefits Team.
Retirement benefits
Retirement Workshop: Lunch and Learn (in-person)
Faculty and staff are invited to attend an in-person workshop on retirement hosted by TIAA, one of Virginia Tech’s retirement account providers, on Thursday, April 9, at 11:30 a.m. in room 2420, North End Center. This event will explore the steps to setting a retirement date and explain the factors necessary to reach specific retirement goals. Lunch will be provided, and seating is limited. Registration is required.
Unsolicited retirement emails and phone calls
This is a courtesy reminder to exercise caution when responding to unsolicited offers of retirement planning or advice, as well as learn about the resources available to Virginia Tech employees.
Virginia Tech does not endorse unaffiliated financial advisors. Contact from outside agencies under the guise that they are endorsed by Virginia Tech to provide financial advising services are not supported by the university. Notices such as this can be reported as spam or phishing using these instructions from 4help. Notices such as this can be reported as spam or phishing using these instructions from 4help.
Virginia Tech employees have access to free financial counseling sessions with representatives from our retirement account providers including, TIAA, Fidelity, and VOYA.
Representatives in Human Resources are also available to answer general questions related to employee retirement benefits. Employees have the option to seek outside financial counseling.
Retirement plan service fee changes
Virginia Tech has partnered with external consultants and retirement plan recordkeepers, Fidelity and TIAA, to implement a flat service fee structure for Virginia Tech administered retirement plans, which include Optional Retirement Plan(s) (ORP), 403(b) Plan(s), and Cash Match Plan.
Participants will be assessed a fixed fee each quarter based on their total account balances across the plans with the first fee being applied April 1, 2026 (or the last business day in March depending on recordkeeper processing). The annual plan servicing fee will be charged quarterly based on the plan balances as of the last business day of each quarter.
- The annual fee for participants with aggregate plan balances of $20,000 will be $40.00, equating to $10 per quarter.
- The annual fee for participants with aggregate plan balances greater than $20,000 will range between $95 - $98, equating to less than $25 per quarter.
Participants should have received a communication in December from your recordkeeper(s), Fidelity and/or TIAA. The notices were sent via email to participants with a valid email address; otherwise, notices were mailed via USPS to the address on file with the vendor(s).
PLEASE NOTE: Retirement plan service fees are not new; participants have been paying fees. The prior fee structure was asset based instead of a flat rate or fixed fee structure. Several measures have been taken to positively impact plans kept by Fidelity and TIAA, including reduced administrative and investment fees, transition to lowest cost share classes available, and this new structure, which ensures fee transparency and is a recommended best practice.
If you do not have balances in a Virginia Tech retirement plan with Fidelity and/or TIAA, the fee structure change does not apply to you.
Participants who have balances with both recordkeepers will be assessed a fee by both vendors. Participants can avoid paying fees to both by consolidating assets with one recordkeeper. Participants should work directly with the vendors to consolidate. Please direct internal questions to hrservicecenter@vt.edu.
If you participate in the Commonwealth of Virginia 457 deferred compensation plan, the service fees for this plan are separate. Use this link to the VRS website; navigate to the Fees and Expenses section for more information.
Spring Social Security information sessions
Human Resources is hosting two free virtual workshops in April to provide employees with the opportunity to learn more about Social Security benefits.
Social Security representative Jacqueline Weisgarber will deliver the information and be available to answer questions such as:
- When are you eligible to receive retirement benefits?
- How does early retirement affect your benefits?
- Do you qualify for disability, survivors, and spouse benefits?
- How do you get the most from your benefits?
- What is the future of Social Security?
- When should you file for Medicare?
Employees may register to attend workshops, which will be held on Tuesday, April 28, from 2-4 p.m. and Thursday, April 30, from 10 a.m.-12 p.m.
Health insurance
Anthem reminds participant to get a free annual exam
The Anthem COVA Care and COVA HDHP plans provides 100 percent coverage for a preventive annual exam when in-network providers are used.
Anthem plans also offer a variety of options for preventive care visits including a traditional primary care physician visit, virtual primary care through LiveHealth Online, and a virtual checkup home kit through Catapult Health which can be done right at home.
Check out Anthem’s website for more information on these and other benefits of the COVA Care and COVA HDHP plans.
Benefits open enrollment reminder
Open enrollment for health insurance plans and flexible spending accounts is coming in May 2026. Any changes made during open enrollment will take effect July 1, 2026. More information will be available soon.
Life insurance options for employees
Virginia Tech provides life insurance and pays the premium for all eligible faculty and staff employees; coverage is 2x the annual salary.
Securian Financial: Term life insurance
Optional Term Life Insurance: Eligible employees may sign up for the Optional Group Life Insurance plan through Securian Financial. Employees are required to complete medical underwriting if enrolling after 30 days of employment. More information can be found on the Securian Financial website.
New York Life Employee Whole Life: Guaranteed Issue
Help protect your loved ones with permanent life insurance designed to provide lifetime coverage, guaranteed premiums, and long-term financial value.
Benefit highlights
- No medical questions or exams required
- Guaranteed level premiums — will not increase due to age or health
- Lifetime protection (as long as premiums are paid)
- Coverage available for:
- You
- Spouse or domestic partner
- Children
- Grandchildren
- Guaranteed cash value accumulation
- Eligible to earn dividends
- Portable coverage — keep your policy if you change jobs or retire at the same cost
Visit the website for more information.
New dining plan available for employees
Dining Services is now offering a dining plan designed specifically for faculty and staff to allow for a more convenient way to enjoy meals on campus. Faculty/Staff dining plan funds can be used in any Dining Services dining center on the Blacksburg campus. The purchase price for this dining plan is $250, and a 7% bonus gives plan holders a total of $267.50 in Declining Balance Dollars. These funds expire at the close of the spring semester and must be used before that time. Employees can purchase the Faculty/Staff dining plan, or learn more by visiting the Dining Services website.