Terms A - F

COVACare:

COVACare is a medical insurance plan provided through the state. GMU pays the majority COVACare's premium. The plan has many variations, includ ing "Out-of-Network" and "In-Network" coverage. More Information on COVACare

Direct Deposit:

Direct Deposit is required for all new employees and recommended for everyone. If you are not enrolled in Direct Deposit, please visit PatriotWeb Self Service to sign up.

Employer Contributions:

Your Employer is required by state and federal laws to contribute towards certain programs on your behalf. For example, in compliance with FICA, GMU is required to contribute towards your Social Security. In addition, GMU also contributes voluntarily to certain funds. One exam ple is the cash match to an Optional Retirement Plan (ORP). Depending on your chosen ORP vendor, your paystub will reflect this as either a cash match to TIAA-CREF or Fidelity. More Information on ORP's

Federal Income Tax:

The United States has a progressive income tax system. Your employer directly witholds the tax from your paycheck, according to various calculat ions, and is responsible for submitting this sum to the Federal government. Because witholding calculations are made in advance, you may be entitled to a tax refund , collectible through the Internal Revenue Service.

FICA:

(Federal Insurance Contributions Act)
FICA is a tax levied equally on both you and your employer to fund Social Security (which can include Medicare, care for dependents, old age, dis ability, etc.).

Terms G - P

Gross Income:

Gross income is your income before deductions. Your gross pay is not the final amount you receive with each paycheck, but instead reflect s your salary.

Net Income:

Net income is your income after deductions. Your net income is the final amount you receive with each paycheck. This is how much money i s deposited to your account.

Leave:

Leave is defined as time for which you are compensated while you are not "on the job." There are various types of leave depending on the reason for your absence. Some of these include sickness, disability, vacation, etc. More Information on Leave Benefi ts

ORP:

(Optional Retirement Plan)
The Optional Retirement Plan invests your retirement funds in a mutual fund of your choice through either TIAA-CREF or Fidelity. It is only availible to faculty and administrative faculty. More Information on ORP's

Terms Q - Z

Retiree Health Credit:

Retiree Health Credit is a benefits program to assist retired, eligible Virginia Retirement System members with heal th insurance premiums. GMU pays into this fund on your behalf.

Virginia State Tax:

The Commonwealth of Virginia requires GMU (as an employer) to withold state income tax fees from employee income. This progressive tax is much s maller for most income brackets than the Federal income tax.

VSDP:

(Virginia Sickness and Disability Program)
VSDP is an income protection plan for short and long-term disability due to illness or injury. The program is administered through the Virginia Retirement System. GMU pays into this fund on your behalf. [More Information on VSDP]

Virginia Retirement System:

(VRS)
VRS is a retirement scheme for state employees. George Mason University makes the entire contribution to this fund on your behalf.