Link to previous thread.
Let me start off by thanking everyone in that thread. It feels like that was a lifetime ago.
I am posting an update to let everyone know that... I got in! Starting on October 24th, I will be employed by the state of Virginia as a Trooper.
Some non-financial updates for y'all:
- Girlfriend is doing well.
- I'm having a boy!
- Baby is due December 28th.
Now, the reason that I am back. I have been sent a very large packet that has all of my options. It also has my pay.
Some relevant information:
- Starting pay is $1845.42 semi-monthly. Comes out to $44290.08 annually. 12 months after I graduate, the pay goes up to $48719 annually.
- 3 health insurance options through the Commonwealth of VA Benefit Program. They are Cova Care, Cova HDHP (High Deductible Health Plan), and Cova Health Aware. I'll go into more detail down below.
- A mandatory 5% contribution of my monthly creditable compensation must go into Virginia Retirement System (VRS) on a pre-tax salary reduction basis.
- Life insurance at no cost for just myself.
Okay, so the insurances break down like this:
- Cova Care - $88 - $300 deductible
- Cova Health Aware - $17 - $1500 deductible
- Cova HDHP - $0 - $1750 deductible
This price is only for me currently. Girlfriend has full coverage until 2 months after the baby is born. Baby is covered for a year. The prices with both of them:
- Cova Care - $273 - $600 deductible
- Cova Health Aware - $50 - $3000 deductible
- Cova HDHP - $0 - $3500 deductible
The plan is for me to do the $88 plan by myself, and then switch her and the baby over later. Is that the right move?
Here's some more info on retirement:
Retirement
- Retirement funded by a 5% pre-tax salary reduction plan.
- Service Retirement - vested after 5 years of service.
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Civilian employees may retire with full benefits based on age and service requirements.
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Sworn employees may retire with full benefits:
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Age 50 with 25 years of service.
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Age 60 with 5 years of service.
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Receive supplement to retirement benefit with 20 years of hazardous duty service. The supplement is payable until social security age.
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Provisions for death in service.
And they have this:
Deferred Compensation
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A voluntary program that permits you to build retirement savings on a pre-tax basis:
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Contributions are deducted from salary each pay period.
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Several plan investment options available to choose from.
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Taxes are paid when your funds are paid to you.
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You choose the method of payment and commencement date of your payments.
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Cash Match variable depending upon funding (currently up to $20 per pay period if deferring at least $40.00 per pay period).
So, from what I said above, I am required to put 5% of my monthly earnings into VRS. Is the state going to put $20 into that because of my 5% putting in, or do I have to put in more on top of the 5%?
Thanks everyone again, I really appreciate it. I've got other financial questions, but I figured my post was long enough.
Submitted October 09, 2017 at 12:58PM by MarshallTheSwb http://ift.tt/2y8aqnM
