The Legal Resources benefit for CVB Retirees is NOT part of Open Enrollment. It is completely separate and subscription fees are not deducted from your retiree paycheck. It must be set up by the individual through a credit card or an automatic bank withdrawal. The deadline to join Legal Resources for an effective date of January 1, 2020, is December 15, 2019. For additional information, please call Legal Resources at 800.728.5768 or visit www.LegalResources.com
Legal Resources is located at: 2877 Guardian Lane, Suite 101, Virginia Beach, VA 23452
For your convenience, click on the link below for the enrollment form.
Make sure your profile information is up to date with CVB Consolidated Benefits. Visit their website at www.vbgov.com/benefits. From this site you can log into your personal account. Make sure the information on your profile is up to date, especially your email address. CVB Consolidated Benefits is hoping to create an email list to send out special notices, etc. to enrollees. If you know of any retirees who do not have a computer or email address, please let them know they can stop by the CVB Consolidated Benefits office to check their profile and update their information as necessary. They can also go to any library and use a computer to check their profiles in the same manner. Once logged in you can check on your 2019 insurance coverage as well as last year’s coverage. The Benefits website also has a link for Retiree Benefits Information. On this page you can find copies of the quarterly Retiree Newsletter, Retiree Forms, upcoming events, and other information and resources.
Deferred Compensation Investments Now Transferring to COV 457 Soon
The following updated information was received from Donna Mickley, the City's Member Communications Coordinator on June 18, 2019: (Retirees - please remember that you can move your money out of Deferred Compensation and transfer to your own investments any time you want.)
In April, we communicated that transferring non-Hybrid accounts from the City’s Deferred Compensation Plan, VB 457, to the VRS Commonwealth of Virginia (COV) 457 would be delayed by as much as three years. That has now changed.
If you will recall, the Virginia Beach Fixed Income Fund, referred to as the Stable Value Fund (SVF), was causing the delay. Due to changes in the interest rate environment, the SVF’s market value has increased dramatically and is now higher than book value. Because this has occurred, there’s an opportunity to work toward transferring funds to the COV 457.
Right now, employees do not need to do anything. We’ll keep you posted as plans are put in motion. Those with funds in the City’s SVF may receive a notice from Empower about moving SVF funds to a Money Market Fund. The Deferred Compensation Board hopes this step will allow the movement of all of the remaining funds from the VB 457 to the COV 457 in November or December 2019.
If you have any questions about the SVF transfer, please contact Finance/Payroll at 385-4301.