Employee Benefit Programs
Since 1946, the Virginia Bankers Association has offered a number of employee benefit programs for member banks. Available coverages have grown from simple life insurance and basic hospitalization plans, to over 20 different programs. Each participating bank chooses the best programs and schedules to suit its needs and management objectives.
The Employee Benefit Programs are monitored by the Benefits Corporation Board of Directors. Selected from participating members, the Directors meet quarterly to review performance goals and to oversee program operations. All benefits are provided through contracts issued by insurance carriers and other providers to the Insurance and Pension Trusts. Daily operation of the benefit programs is the responsibility of the Benefits Corporation.
Marketing and service of all programs is provided by the staff of the Benefits Corporation. Because of the association's size, plan benefits are able to be tailored to the bank's population. The goal is to have the best quality products and service for the premium.
The medical plan utilizes sophisticated techniques, such as minimum premium payment and area experience rating, to stabilize cost increases. As a result, the Employee Benefit Programs have an excellent cost/benefit ratio, and are among the most competitive available.