EMPLOYMENT OPPORTUNITIES : BENEFITS SUMMARY

SPSA Benefits Summary:

As a SPSA employee you can take advantage of our excellent benefits available to all full-time and some part-time employees. These benefits include:

• Health Insurance
• Dental Insurance
• Short and Long-term Disability
• Optional Life Insurance
• Participation in the Virginia Retirement System

SPSA offers other benefits as well, such as annual and sick leave, paid holidays, uniforms, tuition reimbursement, internal training programs, service and safety awards, credit union eligibility and many more.

Virginia Retirement System

All full-time SPSA employees are members of the Virginia Retirement System (VRS).  You are immediately covered by long term disability insurance in the form of disability retirement.  This replaces up to 50% of your income if the VRS determines that you are permanently disabled from your job.  Also, SPSA contributes money to a retirement account in your name.  This money, equal to 5% of your salary, belongs to you when you leave SPSA.  At that time, you can either get it refunded in a check, rolled into an Individual Retirement Account, or if you have been a VRS member for at least five years you can leave the money in the plan to provide you with a lifetime income after you retire.  You are eligible to retire with unreduced benefits at age 65 with at least five years of service, or as early as age 50 with 30 or more years of service.  Reduced retirement benefits are available at age 55 with 5+ years of service, or at age 50 with 10+ years of service.  VRS Basic Group Life Insurance, equal to 2x annual salary, is provided by Minnesota Life.  All full-time employees are automatically enrolled when they are hired, with the cost shared between the employee and SPSA.

Health Insurance

Health and dental insurance premiums for SPSA employees are deducted before taxes are calculated.  This saves you between 27% and 53% on insurance premiums, depending on your tax bracket. SPSA provides three choices for health insurance. Or, if you have health insurance coverage through some other group plan (for instance, your spouse’s plan where he/she works or on TRICARE Prime) and you decide you do not want to be on any of SPSA’s health insurance at all, then you can receive $25 per pay check as an Opt-Out Credit. 

Dental Insurance

SPSA offers two different Delta Dental plans to help keep your teeth and your family’s teeth healthy.

Short/Long Term Disability

SPSA’s Short Term Disability insurance is a way to insure your income if you go out on extended medical leave. If you apply within 30 days of hire, your coverage is guaranteed for up to $500 in weekly benefit (if you wait longer to apply, you will have to fill out a health questionnaire and the company reserves the right to deny coverage). You choose a weekly benefit of $150.00 or more, at $50 increments, up to a maximum of 60% of your base salary.  It doesn’t replace all of your income, but it’s better than being unpaid. In addition to the disability retirement coverage through the Virginia Retirement System, you are eligible to purchase your own individual Long Term Disability (LTD) Insurance coverage.  The monthly benefit you receive is 60% of your base salary, up to $5,000. 

Optional Life Insurance

In addition to the basic group life insurance of 2x annual salary, the Virginia Retirement System (VRS) also offers Optional Life Insurance.  You can cover yourself for up to an additional 4 times your salary.  If you choose optional life insurance coverage for yourself, you can also cover your spouse and dependent children.  The price of this insurance depends on your age and salary, the level of coverage you choose, and whether you cover only yourself or yourself and family members (cost of spouse’s coverage will depend on your salary and your spouse’s age).