Flexible Credits

The core or employer-provided benefits are provided to Medical Center salaried employees in the Medical Center Retirement Plan (MCRP) at no cost. The core benefits are retirement, disability protection, and life insurance. In addition to the core benefits, the Medical Center gives each Medical Center salaried employee flex dollars to purchase optional benefits. These flex dollars are paid in addition to salary and are tailored to the employee based on age, salary, and hours worked. If the benefits selected cost less than the flex dollars provided, the difference is added to the employee’s paycheck. If the benefits selected cost more than the flex dollars provided, the difference is deducted from the employee’s paycheck. Note: This benefit option is not available to employees currently participating in a Virginia Retirement System (VRS) program.

Full-Time Employee Credit Rate
Age Credit Rate Age Credit Rate
18-34 .00246 50-54 .00988
35-39 .00284 55-59 .01518
40-44 .00424 60-64 .02333
45-49 .00636 65-84 .02891
Part-time Employee Credit Rate
credit rate for all ages: .00221

Annual Salary x Credit Rate = Annual Flex Credit Annual Flex Credit / 24 pay periods = Flex Credit per pay period amount