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 (the same one you used to enroll for your 2019 benefits). 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.
Upcoming Event Alert: Medicare and You
The Consolidated Benefits Office hosts “Medicare & You” seminars throughout the year. If you are a retiree eligible for Medicare in the upcoming twelve months, you should attend! You will receive valuable information regarding Medicare, along with handouts from Senior Services and the Social Security Administration. You will leave with the knowledge you need to make informed decisions regarding your healthcare needs beyond Medicare eligibility! Seating will be limited, so registration is required to attend. 2019 Seminars will be held at the Plaza Annex (641 Carriage Hill Rd., Virginia Beach, VA 23452) on the dates listed:
Wednesday, October 16, 2019 from 2:30 p.m. - 4:30 p.m. (register by: October 9, 2019)
The link to the registration form is below. You can email, fax, or mail the completed form to the Consolidated Benefits Office.
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.