Virginia Tech Employee Benefits Updates: Workshops, Health Plans & More
Virginia Tech's Human Resources department is organizing several key events and updates related to faculty and staff benefits. A prominent workshop by TIAA, a retirement account provider for the university, will be held in person on April 9 at the North End Center. This session will delve into strategies for setting a retirement date and reaching retirement milestones. Due to limited seating, faculty and staff are requested to register ahead of time.
The university urges caution against unverified retirement advice from non-affiliated advisors falsely claiming endorsement by Virginia Tech. Such activities should be reported in accordance with university spam or phishing guidelines. For authorized financial guidance, employees are encouraged to consult with approved retirement providers, TIAA, Fidelity, and VOYA. The Human Resources team is available for general inquiries about retirement benefits.
Virginia Tech has revamped its retirement plans fee system, partnering with Fidelity and TIAA to implement a flat service fee model. Starting April 1, 2026, quarterly fees will be determined based on collective plan balances at each quarter's end. Participants were informed of these changes in December. This transition from asset-based fees aims to reduce administrative and investment costs while improving fee transparency.
Participants without investments in Fidelity or TIAA plans remain unaffected by these changes. Employees with accounts at both recordkeepers can manage expenses by consolidating their investments, with vendor assistance available. For participants in the Commonwealth of Virginia's 457 deferred compensation plan, separate fee structures apply, detailed on the Virginia Retirement System's website.
Additionally, Human Resources will host virtual workshops in April focusing on Social Security benefits, led by Social Security expert Jacqueline Weisgarber. Enrollment is open for these enlightening sessions scheduled for April 28 and April 30. Anthem’s COVA Care and COVA HDHP plans also offer comprehensive coverage for annual preventive exams, with options for in-person or virtual care via LiveHealth Online.
Open enrollment for health plans and flexible spending accounts is set to begin in May 2026, with changes effective July 1, 2026. More updates will follow. Virginia Tech also provides life insurance benefits, covering twice an employee's annual salary, with university-covered premiums. Optional Term Life Insurance through Securian Financial is available, requiring medical underwriting post-30 days of employment.
Moreover, Virginia Tech's Dining Services has launched a staff dining plan priced at $250, offering increased value to $267.50 for on-campus purchases. This plan must be used by the semester's end. For additional information or support, Virginia Tech Human Resources is reachable at hrservicecenter@vt.edu.