Flexible Credits

Salaried employees with the Medical Center Retirement Plan (MCRP) receive core benefits (retirement, disability protection, and life insurance) at no cost. In addition, Medical Center salaried employees receive flex dollars to purchase optional benefits.

  • Flex dollars are paid in addition to salary
  • They are tailored to you based on age, salary, and hours worked
  • If the benefits selected cost less than the flex dollars provided, the difference is added to your paycheck; if they cost more, the difference is deducted from your paycheck

This benefit option is not available to employees currently participating in a Virginia Retirement System (VRS) program.


Full-Time Employee Credit Rate

The following are credit rates for each age range:

  • 18-34 years, rate of .00246
  • 35-39, .00284
  • 40-44, .00424
  • 45-49, .00636
  • 50-54, .00988
  • 55-59, .01518
  • 60-64, .02333
  • 65-84, .02891

For part-time employees, the credit rate for all ages is .00221


Formula

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