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1BENEFIT SUMMARY 2022 VERMONT FEDERAL
SUBLINE
HEADLINE
2022 EMPLOYEE
BENEFITS SUMMARY
Maribeth Spellman | Chief People Officer
Amanda Reid |
HR Operations Manager
Keiko Holtz | HR Specialist
2BENEFIT SUMMARY 2022 VERMONT FEDERAL
SUBLINE
HEADLINE
TABLE OF CONTENTS
How to Enroll and Qualifying Events
2022 Benefits Cost
Medical Insurance with HRA
HRA Detail
Medical Insurance with HSA
HSA Detail
Dental Insurance
Vision Insurance
Group Term Life Insurance
Optional Life Insurance
Short Term Disability
Long Term Disability
401K Plan
Medical Flexible Spending Account
Dependent Care Flexible Spending Account
2022 Holiday Schedule
Paid Time Off
Employee and Family Assistant Program
Tuition Reimbursement
Employee Referral Program
Cost Savings Program
Employee Discounts
Other Benefits
3
5
6
7
8
9
10
12
15
16
17
18
19
22
24
26
27
28
29
29
29
30
32
3BENEFIT SUMMARY 2022 VERMONT FEDERAL
ENROLLING IN BENEFITS
CHANGES TO YOUR COVERAGE/QUALIFYING EVENTS
New Hires: The Human Resources Department will work with you to ensure you enroll in benefits
at the proper time. Benefits will be addressed at orientation and HR will help you complete your
enrollment prior to your waiting period, the first of the month following your date of hire.
During Open Enrollment: in November of each year, for benefits eective on January 1st), or
Because premiums for medical, dental, and medical/dependent care flexible spending accounts
are withheld on a pre-tax basis, the IRS places restrictions on making changes to your elected
coverage. You can only change your elections.
HOW TO ENROLL &
QUALIFYING EVENTS
Current Employees: Human Resources will sponsor an “Open Enrollment” session in November
each year during which you may make changes to your benefit elections eective January 1st of
the following calendar year.
If you experience a “Qualifying Event” during the calendar year. Per IRS regulations, certain
events in your life are considered a “qualifying event”. You will be able to make changes to your
insurance if you experience any of the events below:
Change in marital status
Change in residence (e.g., employee or dependent moves out of plan service area).
Change in number of dependents
Significant cost changes in coverage
Change in employment
Significant curtailment of coverage
Change in dependent eligibility due to plan requirements (e.g., loss of student status, age
limit reached)
Addition or improvement to benefit package option
4BENEFIT SUMMARY 2022 VERMONT FEDERAL
Change in coverage of spouse or dependent under another employer plan (e.g., spouse’s
company had no insurance coverage before but now oers a plan)
Loss of certain other health coverage (e.g., plans provided by governmental or educational
institutions)
HIPAA special enrollment right events (COBRA)
Judgments, decrees, or orders
Entitlement to Medicare or Medicaid
IMPORTANT
Please contact Human Resources within 30 days of any of these events. If you need to
make changes to your coverage, new elections must be made within 30 days of the date
of the qualifying event. If new elections are not made within 30 days, you may have to
wait until the next open enrollment period to enroll, as determined by IRS regulations.
5BENEFIT SUMMARY 2022 VERMONT FEDERAL
2022 BENEFIT COSTS
DELTA DENTAL
Total Monthly
Premium
Monthly Cost
Paid by VTFCU
Monthly
Cost Paid by
Employee
Amount Withheld
from Paycheck
Employee Only $48.87 $36.65 $12.22 $5.64
Employee + One $95.86 $64.23 $31.63 $14.60
Employee + Child/ren $115.91 $77.66 $38.25 $17.65
Family $172.53 $117.32 $55.21 $25.48
MEDICAL*
DENTIST
VISION SERVICE PLAN
Total Monthly Premium Amount Withheld
from Paycheck
Employee Only $14.89 $6.87
Employee + One $21.59 $9.96
Family $37.58 $17.87
VISION
Providing the best health insurance plan for all employees is a priority at the
Credit Union and helping employees have access to the very best health plan,
oered by the best partner, as well as having aordable premiums based upon
plan design, is paramount. Vermont Federal Credit Union oers two plans and
the employee premiums are tiered based upon salary.
*30 hours per week or more
6BENEFIT SUMMARY 2022 VERMONT FEDERAL
BCBS MEDICAL
INSURANCE WITH HRA
SERVICE CATEGORY COVERAGE INFORMATION
Annual Deductible $2,500 person / $5,000 family
Coinsurance BCBS covers at 100% of allowable charges
Annual Out-of-Pocket Maximum $3,500 person / $7,000 family per Contract Year
Rx out-of-pocket — $1,400 person / $2,800 family
Lifetime Maximum Benefit Payable No Maximum
Preventative & Well Care Services
Covered in Full
For details about plan coverage and costs, please see the
“Summary of Benefits and Coverage” located on the HR
Benefits Portal page.
BCBS covers at 100% of allowable charges, after deductible
Please see HRA Detail for Deductible Information
Prescription Drug Benefit
(must be a participating pharmacy)
$10 Copay after deductible is met
$30 Copay after deductible is met
$50 Copay after deductible is met
Well Baby, Child Care & Immunizations
Adult Annual Physical
Mammography & Prostate Cancer Screening
Annual Pap Test & Ob/Gyn Exam
Immunizations for Adults
Colonoscopy / Sigmoidoscopy Screening
Bone Density Tests
Hospital (Hospital Inpatient, Hospital Outpatient Surgery)
Physican Impatient Care (Medical/Surgical)
Urgent Care Center
Hospital
(Facility fee, e.g. hospital room)
Emergency Room (ER) Visit
Ambulance
Diagnostic X-ray & Other Imaging Services
High Tech Images Services
5
(MRI, MRA, CT, etc)
Laboratory Services
Physician Oce Visits
Chiropractic Benefit
Physical/Occupational/Speech Therapy
(Combined 30 visits per Member per Contract Year)
Maternity (Physician Services, Hospital Services)
Durable Medical Equipment
Diabetic Supplies & Equipment
(Items limited to a 30 day supply)
Home Health Care
Skilled Nursing Facility
Mental Health
Substance Abuse
Second Surgical Opinion
(Optional)
Tier 1 (generally Formulary Generic)
Tier 2 (generally Formulary Brand)
Tier 3 (generally Non-Formulary)
7BENEFIT SUMMARY 2022 VERMONT FEDERAL
Vermont Federal Credit Union oers a High Deductible Health Plan to all eligible employees.
For 2022, the Credit Union will cover 50% of all medical deductible charges. Employees will be
responsible for the remaining 50% balance of medical deductible related charges. Claims will be
processed as billed by participating medical providers after time of service. Each claim will be
processed on a 50%/50% basis. Once the deductible is met, medical services will be covered in full
for rest of calendar year.
BCBS MEDICAL
INSURANCE HRA DETAIL
Maximum
Deductible
CU HRA Your Share
of Deductible
Single $2,500 $1,250 $1,250
Employee + 1 $5,000 $2,500 $2,500
Family of 3 or more $5,000 $2,500 $2,500
HOW THE DEDUCTIBLE REIMBURSEMENT IS PAID
The CU has set up a HRA arrangement directly through Healthy Dollars to cover 50%
Of all deductible costs for employees enrolled in our BCBS health plan.
BCBS will process claims received from the provider of medical services and transmit any
deductible responsibility to Healthy Dollars.
Please note: The 50%/50% arrangement is on a per occurrence basis and the entire allowable
cost of each occurrence is applied towards your deductible. Your total medical deductible will not
exceed $2,500/$5,000.
Please see HR with any questions.
8BENEFIT SUMMARY 2022 VERMONT FEDERAL
BCBS MEDICAL
INSURANCE WITH HSA
SERVICE CATEGORY COVERAGE INFORMATION
Annual Deductible $3,500 person / $7,000 family
Coinsurance BCBS covers at 100% of allowable charges
Annual Out-of-Pocket Maximum $3,500 person / $7,000 family per Contract Year
Rx out-of-pocket — $1,400 person / $2,800 family
Lifetime Maximum Benefit Payable No Maximum
Preventative & Well Care Services
Covered in Full
For details about plan coverage and costs, please see the
“Summary of Benefits and Coverage” located on the HR
Benefits Portal page.
BCBS covers at 100% of allowable charges, after deductible
Please see HRA Detail for Deductible Information
Prescription Drug Benefit
(must be a participating pharmacy)
Once combined medical and prescription drug deductible
and out of pocket maximum of $3,500 individual / $7,000
family is met, prescriptions are covered at 100%.
Well Baby, Child Care & Immunizations
Adult Annual Physical
Mammography & Prostate Cancer Screening
Annual Pap Test & Ob/Gyn Exam
Immunizations for Adults
Colonoscopy / Sigmoidoscopy Screening
Bone Density Tests
Hospital (Hospital Inpatient, Hospital Outpatient Surgery)
Physican Impatient Care (Medical/Surgical)
Urgent Care Center
Hospital
(Facility fee, e.g. hospital room)
Emergency Room (ER) Visit
Ambulance
Diagnostic X-ray & Other Imaging Services
High Tech Images Services
5
(MRI, MRA, CT, etc)
Laboratory Services
Physician Oce Visits
Chiropractic Benefit
Physical/Occupational/Speech Therapy
(Combined 30 visits per Member per Contract Year)
Maternity (Physician Services, Hospital Services)
Durable Medical Equipment
Diabetic Supplies & Equipment
(Items limited to a 30 day supply)
Home Health Care
Skilled Nursing Facility
Mental Health
Substance Abuse
Second Surgical Opinion
(Optional)
Tier 1 (generally Formulary Generic)
Tier 2 (generally Formulary Brand)
Tier 3 (generally Non-Formulary)
9BENEFIT SUMMARY 2022 VERMONT FEDERAL
For 2022, Vermont Federal Credit Union will cover 40% of employee’s deductibles for the BCBS
HSA plan, these funds will be deposited to the employee’s HSA account. The account is owned by
the account holder and the account is portable; it can be moved to another institution. The funds in
the HSA can be used for medical expenses, if you access the funds before any other reason before
65 you will pay income tax and a 20% penalty. When you turn 65, funds in the account can be used
for any purpose; income tax will apply if funds are used for something other than a qualified medical
expense.
Please see HR with any questions.
BCBS MEDICAL
INSURANCE HSA DETAIL
Maximum
Deductible
CU HSA Your Share
of Deductible
Single $3,500 $1,400 $2,100
Employee + 1 $7,000 $2,800 $4,200
Family of 3 or more $7,000 $2,800 $4,200
HOW YOUR HSA ACCOUNT WILL WORK
Setting up the HSA: An HSA will be opened at the Credit Union unless you choose to open at a
dierent financial institution. If you choose to use an alternate financial institution for your HSA,
you will need to provide HR with the direct deposit information to that account. The Credit Union
will deposit 1,400 (single) and $2,800 (family) into the HSA. You will select your pre-tax payroll
contribution to direct funds into the account with each pay period.
Limits and Access: There is a maximum annual contribution of $3,600 (individual) or $7,200
(family); individuals 55 or older may be eligible to make ‘catch-up’ contributions of an additional
$1,000 annually. Debit card issued by VTFCU tied to account to easily pay for medical/dental/
vision/IRS approved Section 213 (d) charges.
HSA funds can be used for Medical, Prescription, Dental, Vision, and any other IRS approved item.
You can enroll anytime during the year and can add additional funds anytime and through payroll
or other deposit as long as does not exceed annual maximum.
If you are an individual and you expect that you will exceed $3,600 in out-of-pocket expenses in
a calendar year for medical, dental or vision consider opening up a Limited Medical Flex account
to cover the anticipated expenses above $3,600. When choosing to contribute to a Medical Flex
account, be aware that there is a limit on funds that can rollover ($550).
10BENEFIT SUMMARY 2022 VERMONT FEDERAL
OVERVIEW OF DENTAL PLAN
NORTHEAST DELTA
DENTAL INSURANCE
Diagnostic & Preventative 100%
Basic Restorative Care 80%
Major Restorative Care 50%
Waiting Periods 6 months (major only)
Deductible per person/year $50 (restorative only)
Deductible for family $150 (restorative only)
Maximum benefit per person/year $1,500
Waiting Periods 12 months (ortho only)
Major Restorative Care 50%
Maximum benefit per person/year $1,500/pp/lifetime
Vision Discount Plan
SERVICE COSTS (based on participating provider)
DENTAL
ORTHODONTIC
OTHER PLAN FEATURES
Eligibility: Coverage begins 30 days from your date of hire. You may cover your dependents
under this plan including your spouse, civil union partner, domestic partner, other qualified
dependents, children up to age 26.
Our dental coverage is through Northeast Delta Dental. Coverage is based on in-network versus
out-of-network providers. A list of participating Delta providers is included in your benefits folder.
You may also utilize the Northeast Delta website or customer service number below to locate a
participating provider:
1-800-832-5700 OR www.NEDELTA.com
Northeast Delta Dental Customer Service
11BENEFIT SUMMARY 2022 VERMONT FEDERAL
HIGHLIGHTS OF OUR DENTAL PLAN
Preventative Care Visits: Within a 12-month period, you are eligible to receive four cleanings
covered at 100%.
Diagnostic Care Visits: Within a 12-month period, you are eligible for two evaluations.
Films and X-rays: The Delta benefit allows for a complete series or panoramic film once in a
3-year period. Bitewing x-rays are provided once in a 12-month period and x-rays of individual
teeth as necessary.
12BENEFIT SUMMARY 2022 VERMONT FEDERAL
VSP (VISION SERVICE
PLAN) VISION INSURANCE
OVERVIEW OF VISION PLAN
Single Vision Lenses
Biofocal Vision Lenses
Trifocal Vision Lenses
Polycabonate Lenses (kids only)
Lenses Every 12 months
Tints/Photochromatic lenses - Transitions $0 co-pay
Standard progressive lenses $50 co-pay
Premium progressive lenses $80-90 co-pay
Custom progressive lenses $120-$160
Average 35-40% o other lens options
Frame Allowance $130.00
Allowance for featured frame brands $150.00
20% o amount over your allowance
Frames Every 12 months
Contact Lenses Allowance* $130.00
Contacts Every 12 months
Instead of glasses* Includes fitting/other services
Exam and glasses $20 co-pay
Contact lens exam Up to $60 co-pay
SERVICE COSTS (based on participating provider)
LENSES
LENS OPTIONS
FRAMES
CONTACTS
EXAMS
13BENEFIT SUMMARY 2022 VERMONT FEDERAL
Eligibility: Coverage begins on the first of the month following your date of hire. You may cover
your dependents under this plan including your spouse, civil union partner, domestic partner,
other qualified dependents, or children up to age 26.
Our vision coverage is through VSP. Coverage is based on in-network versus out-of-network
providers. A list of participating VSP providers is included in your benefits folder. If you chose to
participate with a non-VSP provider you will receive a lesser benefit. You can also refer to the VSP
website or phone number below to locate participating providers.
1-800-877-7195 OR www.VSP.com
VSP Customer Service
HIGHLIGHTS OF OUR VSP VISION PLAN
WellVision Exam: There is a $20 co-pay every 12 months with an in-network provider which
focuses on your eye health and overall wellness.
Choice of Prescription Glasses or Contact Lenses: This is an “either/or” benefit, which means
you chose one or the other. The benefit for each is defined below:
Prescription Glasses:
Lenses — (every 12 months) Benefit provides you single vision, lined bifocal, lined trifocal
lenses and tints.
Frame — (every 12 months) Benefit provides you with $130 allowance for frame of your
choice (Some special brands may be eligible for an additional $20 credit towards frames!
Check with your eye care provider.
*Contact Lens Care: (every 12 months) This benefit provides you with $130 allowance for
contacts and the contact lens exam (fitting and evaluation).
*Current soft contact lens wearers may be eligible for a special program that includes an
initial contact lens evaluation and initial supply of lenses.
OR
14BENEFIT SUMMARY 2022 VERMONT FEDERAL
EXTRA SAVINGS AND DISCOUNTS
Glasses and Sunglasses: 30% o additional glasses and sunglasses, including lens options, from
the same VSP doctor on the same day as your WellVision Exam. Or get 20% o from any VSP
doctor within 12 months of your last WellVision Exam.
Retinal Screening: Guaranteed pricing on retinal screening as an enhancement to your Wellvision
Exam.
Laser Vision Correction: Average 15% o the regular price or 5% o the promotional price;
discounts only available from contracted facilities. After surgery, use your frame allowance (if
eligible) for sunglasses from any VSP doctor.
15BENEFIT SUMMARY 2022 VERMONT FEDERAL
GROUP TERM
LIFE INSURNACE
ELIGIBILITY
You are eligible for coverage if you work at least 20 hours per week. Coverage begins on the first of
the month following your date of hire. You may cover your dependents under this plan including your
spouse, civil union partner, domestic partner, or children (up to age 26).
VTFCU provides you with this policy at no cost to you through The Standard Insurance Company. In
the event of your death, the policy provides coverage equal to:
The Accidental Death and Dismemberment Rider allows for full or partial benefits in the event you lose
your hands, feet or sight from one or both eyes within 90 days of an accident.
Should you terminate employment at VTFCU, you will have the option to continue your insurance plan
at a group rate.
The entire cost of this coverage is paid for by VTFCU – there is no cost to you.
Your dependents are covered with an insurance policy in the amount of:
Two times your annual salary (to a maximum of $250,000).
$2,000 for your spouse/civil union partner, and
$2,000 for your dependent children up to age 26.
16BENEFIT SUMMARY 2022 VERMONT FEDERAL
OPTIONAL GROUP TERM
LIFE INSURANCE
You are eligible if you work at least 20 hours per week. Coverage begins 30 days from your date of
hire. If you are covered as an employee, your dependents including your spouse, civil union partner,
domestic partner, or children (up to age 26) may also be eligible. Additional requirements may apply.
Polices are available through The Standard Insurance Company. You may elect:
If you elect Optional Group Life, you must provide a Statement of Health. If you elect Spousal Optional
Life, they must also provide a Statement of Health. Additionally, you may only cover your dependents
if you elect coverage for yourself. There is a 35% benefit reduction at age 65, with an additional 15%
reduction at 70. The cost of this coverage is paid by you.
Optional Life Rates are available in The Standards Welcome Guide or the Human Resources Benefits
Portal Page.
1) OPTIONAL GROUP LIFE INSURANCE
2) SPOUSAL LIFE INSURANCE/DOMESTIC PARNER/CIVIL UNION PARTNER
3) CHILD LIFE INSURANCE
ELIGIBILITY
You may choose to purchase benefits in increments of $10,000 ($10,000 minimum/
$500,000 maximum).
You may choose to purchase benefits in increments of $1,000 ($5,000 minimum/$150,000
maximum and cannot exceed 100% of your benefit amount).
$10,000 policy for each child aged 14 days to 26 year and $1,000 policy for each child aged
under 14 days
Only available if the employee is enrolled in Optional Life Insurance.
Only available if the employee is enrolled in Optional Life Insurance.
OPTIONAL CHILD LIFE COVERAGE COSTS:
$10,000 policy = flat $1.84 a month
.....regardless of the number of children you cover
17BENEFIT SUMMARY 2022 VERMONT FEDERAL
You are eligible if you work at least 20 hours per week. Coverage begins on the first of the month
following date of hire.
Short Term Disability coverage is provided to employees at no premium cost. Our plan provides you
with income in the event you become totally disabled and are unable to work. It can help bridge the
gap between your available PTO and the commencement of our Long Term Disability insurance.
In the event you become disabled, the plan will provide you with a monthly income equal to 66-2/3%
of your current basic monthly salary to a maximum of $2,000 per week. (Please note- the actual
disability benefit is taxable as the Credit Union pays all premiums).
Benefits begin 14 days from your disability date, and continue for as long as you are totally disabled,
up to 90 days (dependent upon diagnosis). At that time, coverage may continue under our Long Term
Disability. Coverage may be pro-rated if you are certified by a physician as able to return to work on a
part-time basis.
ELIGIBILITY
SHORT TERM
DISABILITY PLAN
18BENEFIT SUMMARY 2022 VERMONT FEDERAL
LONG TERM
DISABILITY PLAN
ELIGIBILITY
You are eligible for coverage if you work at least 20 hours per week. Coverage begins on the first of
the month following your date of hire.
VTFCU provides you with a Long Term Disability Insurance policy at no cost to you.
In the event you become disabled, the policy provides you with a monthly income equal to 66-2/3% of
your pre-disability earnings up to $10,000.
If you become disabled, benefits begin 90 days after your disability date, and can continue for as long
as you are disabled, up to age 65. Coverage may be pro-rated if you are certified by a physician as
able to return to work on a part-time basis.
Coverage is provided through The Standard Insurance Company at no premium cost to you. (Please
note — the actual disability benefit is taxable as the Credit Union pays all premiums).
19BENEFIT SUMMARY 2022 VERMONT FEDERAL
You are eligible to enroll in the 401(k) Plan on your first day of employment to begin to contribute a
percent of your earnings or a flat dollar allocation, towards your future retirement. You must be at
least 18 years of age to enroll. Your annual deferrals cannot exceed the IRS limit of $19,500.
The CU Match of an automatic 3% Safe Harbor contribution will begin on the first of the month after six
months of employment (based upon minimum 500 hours worked). An additional match of 50% up to
10% is also available on the first of the month after six months of employment. (**The Safe Harbor 3%
is not subject to vesting. The additional match oered on 50% of the next 10% contributed is subject to
vesting — please see the vesting schedule below).
A Safe Harbor 401k Plan means that annually the Credit Union chooses to contribute a set % of 401k
contributions that are immediately vested once they are remitted and posted to your retirement ac-
count. A 401(k) plan is an IRS approved retirement savings plan which allows you to set aside a portion
of your earnings into a tax-deferred account or post-tax account.
The Credit Union is also providing an additional contribution a 401(k) plan is an IRS approved re-
tire-ment savings plan which allows you to set aside a portion of your earnings into a tax-deferred ac-
count. VTFCU contributes additional funds to your account by matching 50% of the first 10% of your
salary. In other words, for every dollar that you contribute -- up to a maximum of 10% of your total sal-
ary -- VTFCU will contribute 50 cents. In addition, VTFCU’s Board of Directors may elect to contribute
an additional Safe Harbor contribution. For 2022, this discretionary amount is set at 3% of your salary
on the first of the month after six months of employment.
You may contribute more than 10% of your salary -- up to the maximum amount allowed by law;
how-ever contributions that exceed 10% of your salary will not be matched by VTFCU. For 2022, the
IRS limit is $19,500. Employees reaching age 50 as of December 31, 2022 may contribute an addition-
al $6,500 per year, under the IRS approved “Catch-Up” provision.
The Plan includes an automatic enrollment feature. If you do no complete and return a salary deferral
agreement, the Credit Union will automatically withhold 3% of your eligible compensation from your
pay each payroll period and contribute that amount to the Regular 401K plan from date of hire. If you
do not wish to defer any of your compensation, or you wish to defer an amount dierent than the 3%,
then you may make an election to do so. Employees may opt-out or increase this amount at any time.
Existing employees can enroll in the program and/or change their enrollment at any time.
401(K) SAFE HARBOR
RETIREMENT SAVINGS PLAN
ELIGIBILITY
WHAT IS A SAFE HARBOR 401(K) PLAN?
HOW TO ENROLL
20BENEFIT SUMMARY 2022 VERMONT FEDERAL
If you terminate employment with VTFCU before your normal retirement age, you are entitled to
receive all of the funds you contributed. The Safe Harbor contributions are vested immediately. In
addition, you are eligible to receive the vested portion of the credit union’s matching funds and any
VTFCU discretionary contributions, according to the following vesting schedule:
You can receive a distribution from your account while you are still employed at VTFCU if you have
reached age 59-1/2.
When you retire you are entitled to receive the vested portion of your account. There are various
distribution options available, including receiving monthly benefits by annuitizing your account. Your
normal retirement date is the first of the month following age 65. Early retirement is possible on the
first of the month following age 55 if you have completed six years of service.
Upon termination, you will receive your distribution as soon as administratively possible.
*Vested service is the number of plan years in which you have completed 1000 hours of service. Vested service
does not necessarily equate to years of actual service. Vested service is analyzed on a case by case basis
when employees terminate from VTFCU. Other factors, such as working part-time – even on a temporary basis
during your career, can impact the final calculation.
VESTING SCHEDULE
IN-SERVICE DISTRIBUTIONS
RETIREMENT BENEFITS
Number of Plan Years with
Vested Service*
Vested Percent of Your
Contributions
Vested Percent of VTFCU’s
Contributions
Less than 2 years 100% 0%
2 years 100% 25%
3 years 100% 50%
4 years 100% 75%
5 years 100% 100%
21BENEFIT SUMMARY 2022 VERMONT FEDERAL
Through CUNA Mutual Group, you can invest your account balance in a wide variety of investment
vehicles – from fixed-rate guaranteed funds to aggressive stock or bond funds. For a complete list of
available options, go to www.benefitsforyou.com. You may also transfer funds from one investment to
another at this website.
You can deposit a rollover from another plan into your VTFCU 401(k) account as long as it is from an-
other qualified plan, IRA or another accepted rollover account. Funds you rollover into this account will
always be 100% vested.
VTFCU’s plan does permit loans against your balance. Hardship Loan withdrawals are allowed, and
are only granted for an immediate, heavy financial need where access to other resources or savings is
not available for:
You can find more information about your account by reading the Summary Plan Description and the
Summary of Material Modification documents at:
For other general questions, please contact the Human Resources Department.
Qualified medical expenses for you, your spouse/civil union partner or dependents
Purchase of a principal residence (excluding mortgage payments)
Repairs to participant’s principal residence
Tuition and related educational fees for the next 12 months of post-secondary education for you, your
spouse/civil union partner, children or qualified dependents
Prevention of eviction from or foreclosure on your principal residence
Burial or funeral expenses for a member of a participant’s family
1)
2)
3)
4)
5)
6)
INVESTMENT OPTIONS
ROLLOVERS
HARDSHIP LOAN WITHDRAWALS
FOR MORE INFORMATION
CUNA’S website at www.benefitsforyou.com
Log in and click: Documents/Forms/Notices
22BENEFIT SUMMARY 2022 VERMONT FEDERAL
MEDICAL FLEXIBLE
SPENDING ACCOUNT
You are eligible to enroll in our Medical Flexible Spending Accounts if you are eligible for our medical
plan. You may enroll on the first of the month following your date of hire.
A Medical Flexible Spending Account is a personal account in which you can set aside a
predetermined pre-tax dollar amount up to $2,750 per calendar year for allowable medical expenses.
You contribute to your account through payroll deductions on a pre-tax basis. This reduces the
amount of your pay that is subject to federal, state and social security taxes, and therefore, you reduce
the amount of tax you pay. In other words, you save money!
You may enroll in a Medical FSA on the first of the month following your date of hire, during Open
Enrollment for the next benefit plan year, or within 30 days of a qualified event.
“Use it or Lose It” and the 2022 Carryover option for up to $500.
When determining how much to contribute, Federal law requires that you forfeit any funds remaining
in your account at the end of the plan year OVER $500, so plan your contributions carefully. Claims
for expenses incurred in 2022 must be submitted to Healthy Dollars by March 31, 2022.
The IRS establishes allowable expenses, including:
For an IRS approved listing of allowable expenses, go to the VTFCU Portal on the Human
Resources page.
ELIGIBILITY
WHAT IS A FLEXIBLE SPENDING ACCOUNT?
HOW TO ENROLL
IMPORTANT
ALLOWABLE EXPENSES
Expenses your benefit plan does not cover including doctor visit co-pays, prescriptions,
deductibles, or uncovered dental expenses for you or your dependents.
23BENEFIT SUMMARY 2022 VERMONT FEDERAL
To submit a claim, or to obtain more information on Flexible Spending Accounts, including your current
status of claims and balances, log into: healthydollarsinc.com
The amount that you elect must remain in eect for the entire calendar year. You may adjust your
contributions only if you have a qualifying event as outlined in this brochure.
If your employment with VTFCU is terminated for any reason, you will have 30 days from your last day
of work to submit final claims on expenses that were incurred prior to your termination date. Again, it
is important to remember that any unused balance must be forfeited, as stated in IRS law.
CLAIM SUBMISSION
CONTRIBUTION CHANGES
TERMINATION OF EMPLOYMENT
24BENEFIT SUMMARY 2022 VERMONT FEDERAL
DEPENDENT CARE FLEXIBLE
SPENDING ACCOUNT
You are eligible to enroll in a Dependent Care Flexible Spending Account (FSA’s) regardless of the
number of hours you are scheduled to work. You may enroll as of your first day of employment.
A Dependent Care Flexible Spending Account is a personal account in which you can set aside a
predetermined pre-tax dollar amount up to $10,500 for the calendar year 2022 under the relief notice
2022-15 for allowable dependent care expenses. You contribute to your account through payroll
deductions on a pre-tax basis. This reduces the amount of your pay that is subject to federal, state and
social security taxes, and therefore, you reduce the amount of tax you pay. In other words, you save
money!
You may enroll in a Dependent Care FSA as of your first day of employment or during Open
Enrollment.
“Use it or Lose It”
When determining how much to contribute, Federal law requires that you forfeit any funds remaining
in your account at the end of the plan year, so plan your contributions carefully. You have until
December 31, 2022 to incur expenses under your 2022 account. Claims for expenses incurred
through December 31 must be submitted to Healthy Dollars by March 31, 2022.
ELIGIBILITY
WHAT IS A FLEXIBLE SPENDING ACCOUNT?
HOW TO ENROLL
IMPORTANT
25BENEFIT SUMMARY 2022 VERMONT FEDERAL
The IRS establishes allowable expenses, including:
For an IRS approved listing of allowable expenses, go to the VTFCU Portal on the Human
Resources page.
ALLOWABLE EXPENSES
Expenses your benefit plan does not cover including doctor visit co-pays, prescriptions,
deductibles, or uncovered dental expenses for you or your dependents.
To submit a claim, or to obtain more information on Flexible Spending Accounts, including your current
status of claims and balances, log into: healthydollarsinc.com
The amount that you elect for your Dependent Care FSA must remain in eect for the entire calendar
year. You may adjust your contributions only if you have a qualifying event as outlined in this brochure.
If your employment with VTFCU is terminated for any reason, you will have 30 days from your last day
of work to submit final claims on expenses that were incurred prior to your termination date. Again, it
is important to remember that any unused balance must be forfeited, as stated in IRS law.
CLAIM SUBMISSION
CONTRIBUTION CHANGES
TERMINATION OF EMPLOYMENT
26BENEFIT SUMMARY 2022 VERMONT FEDERAL
*2022 MONDAY OBSERVANCE OF HOLIDAYS
**2022 FLOATING HOLIDAYS
2022 HOLIDAY SCHEDULE
For holidays falling on Saturday, Federal Reserve Banks and Branches will be open the preceding
Friday; however, the Board of Governors will be closed. For holidays falling on Sunday, all Federal
Reserve oces will be closed the following Monday.
New Year’s Day: Full time employees will receive 8 hours of PTO in January as the 1st falls on a
Saturday this year. All branches will be closed in observance.
HOLIDAY DAY OF WEEK DATE
New Year’s Day** Saturday January 1
Martin Luther King Day Monday January 17
Presidents’ Day Monday February 21
Memorial Day Monday May 30
Juneteenth* Sunday (Observed Monday) June 19 (Observed June 20)
Independence Day Monday July 4
Labor Day Monday September 5
Indigenous Peoples Day Monday October 10
Veterans Day Friday November 11
Thanksgiving Thursday November 24
Christmas Day* Sunday (Observed Monday) December 25
New Year’s Day 2022* Sunday (Observed Monday) January 1
27BENEFIT SUMMARY 2022 VERMONT FEDERAL
In addition to holidays, VTFCU provides paid time o to full and part-time employees to take vacation,
sick or personal time, or for personal business which cannot be arranged outside normal working
schedules.
You will receive 8 hours of PTO in the month of your birthday. (For new employees whose birthday
falls within the 90 day introductory period, this holiday may be taken after their introductory period
has ended.)
There is a requirement that all employees take at least five consecutive business days o each
calendar year. Please note that if you take a week o in which there is a holiday, you will need to take
an additional day just before or just after that week to satisfy the rule.
Eligible employees who have over 40 hours of accrued PTO may submit a PTO cashout form to HR.
This process can be done once per year in quarter 4. Sta must have taken their 5 consecutive days
away from the oce. All sta who takes advantage of this benefit must keep a minimum of 40 hours
in their PTO bank for future use. This will be announced by Human Resources.
You may carry-over accrued PTO from year to year to a maximum of 440 hours.
2022 PAID TIME OFF ACCRUAL RATES
YOUR BIRTHDAY
FIVE CONSECUTIVE BUSINESS DAY RULE
PTO REDEMPTION
PAID TIME OFF
Years of Service PTO Accrual Rates Based on Schedule
Less than 5 years * 15 days per year + your birthday
5 to 9 years * 20 days per year + your birthday
10 to 14 years * 25 days per year + your birthday
15 years or more One additional day per year for each year of service, with a maximum accrual
rate of 30 days per year. This is pro-rated for employees working less than 40
hours per week.
28BENEFIT SUMMARY 2022 VERMONT FEDERAL
The Employee and Family Assistance Program (EFAP) is a free service provided to all VTFCU
employees. The program assists you and your family members with counseling services for stressful
life situations such as relationship counseling, financial counseling, parenting issues, daycare referrals,
and legal services referrals. The service is completely confidential with no information regarding
usage reported back to VTFCU.
We have partnered with a local resource: The Employee Wellness and the Employee Family
Assistance Program & Health Management at The University of Vermont Medical Center. They also
can be used by managers as a resource to request assistance on how to better assist employees or
receive recommendations on best practices.
Direct contact info: 802.847.2827 or 1.888.329.3327 as well as email [email protected]. They are
available 24/7 and 7 days a week to let you know how they can help you with whatever you or a loved
one are going through. They have EFAP licensed counselors and professional personnel available to
help you best determine who can help.
EMPLOYEE AND FAMILY
ASSISTNACE PROGRAM
PHYSICAL LOCATIONS AT:
University Health Center Campus
1 So. Prospect St., Burlington
Fanny Allen Campus
290 College Parkway, Colchester
Medical Center Campus
111 Colchester Ave, Burlington
29BENEFIT SUMMARY 2022 VERMONT FEDERAL
You are eligible to apply for tuition reimbursement if you work at least 30 hours per week and have
completed one year of service. Proof of satisfactory completion of all courses taken is required.
Tuition reimbursement must be pre-approved and is subject to budgetary availability and covers
courses or certifications oered through approved and accredited technical training institutions,
vocational or trade schools and colleges or universities.
For complete information on eligibility and approval requirements please see the policy and
agreement statement. Please contact HR with questions.
ELIGIBILITY
TUITION ASSISTANCE
If you refer someone for full time employment at VTFCU you may be eligible to receive a bonus.
The employee you refer must be hired as a full time employee and must complete one year of service.
After one year if you are still actively employed by VTFCU, you could receive a $500 bonus.
To apply for this bonus, please complete the form located on the HR/Benefits page of the portal.
EMPLOYEE REFERRAL
PROGRAM
VTFCU is pleased to oer a Cost Savings Incentive Plan. If you’d like to suggest ways for the credit
union to save money, please complete a Cost Savings Incentive form located on the HR/Benefits page
of the portal.
After you complete the form and obtain your supervisor’s signature, forward it to Accounting. The
accounting department will determine the annual savings. If your idea is implemented and the
projected savings equals $1,000 or more, you will receive a bonus equal to 10% of the total projected
annual savings!
COST SAVINGS INCENTIVE
30BENEFIT SUMMARY 2022 VERMONT FEDERAL
During your term of employment, you will not be charged for fees for the purchase of personal share
drafts (up to 2 boxes at a time), bank checks, traveler’s checks or money orders.
After 90 days of employment or as an eligible retiree, if you would otherwise qualify for a primary
residential mortgage you will receive:
After 90 days of employment, if you would otherwise qualify for a closed end consumer loan you will
receive:
Upon termination, consumer loan rates are adjusted up by the amount of the discount originally
granted (1%). There are no discounts on Home Equity Lines of Credit (“HELOCS”) or fixed-rate second
mortgages.
Employees may receive the discount as long as they are a primary or joint borrower on the eligible
loan.
Individuals that have worked at VTFCU for at least 10 years and retire from the Credit Union would
also be eligible for the employee discounts after retirement.
FREE CHECKS
PRIMARY RESIDENTIAL MORTGAGE CLOSING COSTS
SPECIAL LOAN RATES
FREE & DISCOUNTED
CREDIT UNION SERVICES
A $1,000 reduction in your Vermont Federal Credit Union mortgage closing costs. One per
household. This may happen more than once as long as not an internal refinance.
Refinances are allowed if from another institution and a new mortgage for VTFCU.
A one percent (1%) reduction on the closed end consumer loan (excluding special promotions and
real estate related loans, credit cards, shares secured, and over draft lines of credit).
31BENEFIT SUMMARY 2022 VERMONT FEDERAL
To provide assistance for employees to meet VTFCU’s Professional Image Policy standards,
employees are eligible for an advance of $250. Contact the Human Resources Department to find out
more. Contact Cynthia Turner at ext. 1155 to apply for this benefit.
Hardship criteria is a personal/financial crisis that impacts our employee. This may include natural
disasters, extreme medical costs not covered by insurance etc. All reasons for approval will be
reviewed on a case by case basis by HR and the CEO. Please reach out to HR for eligibility.
EMPLOYEE EMERGENCY NEED FUND
CLOTHING ADVANCE
32BENEFIT SUMMARY 2022 VERMONT FEDERAL
Up to a 18% employee discount on eligible plans. To register your line for your employee discount go
to: https://www.verizonwireless.com/b2c/employee/eleuLanding.jsp
Enter your work email address and select “check for discounts”. You will immediately receive an email
– click the “shop now” button in the email to continue with the registration process.
Or visit a Verizon Wireless location and take advantage of program discounts. Requires active proof
of employment by VERMONT FEDERAL CREDIT UNION and photo ID.
Vermont Federal employees can now receive an 8% discount on current and future cell phone plans
with AT&T. To receive the discount contact an AT&T store and let them know you are eligible for the
8% employee discount. You will need to provide your credit union email address. Personal email
address will not work. AT&T verifies eligibility by sending an email to a credit union email address.
AT&T will send an email for you to submit the AT&T phone numbers to receive the discount. This
discount is available for individual and family plans.
Employees receive between 5% and 15% discounts on all Dell consumer products. Go to www.dell.
com/eppbuy and use Member ID #PS60738495.
VERIZON WIRELESS
AT&T WIRELESS
DELL PURCHASE PROGRAM
OTHER EMPLOYEE
DISCOUNTS