The VBA's mission is to be the preferred outsourcing option for members seeking a primary source of competitive employee benefits products while providing all necessary administrative and compliance services.
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.
your best choice for employee benefit programs
There is power in numbers. The assemblage of more than 8,500 employees affords the VBA Benefits Corporation access to premium rates, products, and programs that would not otherwise be available on a stand-alone basis.
The VBA has cultivated a team of benefit specialists who have dedicated themselves to answering the benefit needs of member banks. They are experts in the following areas:
- Strategic benefit design,
- Competitive market bidding processes,
- Administrative procedures,
- Legal requirements, and
- Insurance climate.
Unlike other brokers or agents, the VBA's objective is not to make a profit on your employee benefits plans. Rather, the Benefits Corporation's fee structure is designed to simply cover the cost of its operations while providing a service that is of value to the Association's members.
overview of services
The VBA Benefits Corporation offers vital support services that enable you to bring the best in employee benefits to your workforce, and allow you to "get back to the business of banking." The VBA Benefits Corporation's services include, but are not limited to:
- Healthcare Reform compliance and support;
- Consolidated monthly billing for all benefit programs;
- Access to online enrollment and billing systems;
- Toll-free VBA member services number to address benefit needs and inquiries;
- Preparation of plan documents and IRS filings;
- Employee benefit training opportunties, regional seminars and an annual HR/Benefits conference;
- Partnership with professional benefits consulting firm, legal counsel and audit firm;
- Allow banks to provide cafeteria election of benefit options while employees can customize own benefit choices and contribute with pre-tax dollars;
- Sharing of fiduciary responsibility in benefit plan administration;
- Automatic COBRA administration if participating in medical or dental plans at no additional cost;
- Turnkey wellness programs for banks to offer employees, promoting healthy lifestyles and prevention, with an opportunity to receive financial incentives from the Benefits Corporation based on meeting participation criteria.
employee benefit program offerings
- Defined Contribution/401(K)
- Defined Benefit/Pension
- Non-Qualified Deferred Compensation
- Medical & Prescription Drug
- Life Insurance
- Flexible Spending Accounts
For more information, contact the VBA Benefits Corporation team at 1-800-643-5599 or firstname.lastname@example.org.