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Benefit Savings Accounts & Credits

Benefit Savings Accounts Communication:

Benefit Savings Accounts & Credits

Learn more about the variety of savings accounts available to employees, and how you can use them to boost your financial well-being.

  • Flexible Spending Accounts

    The Flexible Spending Accounts and The Limited Flexible Spending Accounts set aside pretax income for certain medical costs. The Dependent Daycare Reimbursement Flexible Spending Accounts set aside pretax income for dependent / child daycare expenses.

  • Health Savings Accounts

    HSAs allow you to save money from your pretax earnings to use for qualified medical, dental, and vision expenses. You can use an HSA with a high deductible health plan like the UVA Basic Health option.

  • Supplemental Benefit Credit

    The Supplemental Benefit Credit provides an annual offset to some benefits deductions. University Staff who are full- or part-time, benefits-eligible, with an annualized salary of $42,000 / year or less may have access to a $550 annual supplemental benefit credit.


Medical Center Retirement Plan Flex Credit

  • MCRP Flex Credit

    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


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