Full-time, contracted employees may be eligible for retirement benefits provided through the Virginia Retirement System (VRS). If eligible, membership in VRS is automatic upon hire. There are three different retirement plans:  VRS Plan 1, VRS Plan 2, Hybrid Retirement Plan.  The criteria for each retirement plan is different. If you are eligible and unsure which plan you’re in, please contact VRS to find out. For more information, VRS also offers Retirement Education and Counseling. 

In addition to VRS, we offer several different defined contribution retirement plans as described below.  

Please note:  members in the Hybrid Retirement Plan are required to make mandatory contributions to their retirement; however, there is also a component which allows the member to contribute additional funds into a voluntary 457. For more information, or to elect/make changes to your voluntary contributions please visit VRS or call 855-291-2285.

403(b) and 457 Plans

Chesapeake Public Schools offers both 403(b) and 457 retirement savings plans. These accounts are commonly referred to as Tax Sheltered Annuities or TSAs.  Participation in either plan can significantly add to the income you may receive upon retirement. Individual investment strategies should reflect your personal savings goals and tolerance for financial risk. You may want to consult a tax or financial advisor before enrolling.

In order to participate in the Plan, you will need to designate a portion of your gross annual salary to be contributed on a pre-tax basis, reducing your taxable income. Taxes on contributions and any earnings are deferred (that is postponed) until you withdraw the money.  With the 457(b) Deferred Compensation Plan, just like the 403(b) Plan, contributions are made pre-tax.

To begin a NEW 403(b) or 457(b) plan: 

Step 1:  Select an authorized investment provider from the CPS approved list:

• AIG Retirement
• ASPire Financial Services
• Equitable
• Horace Mann
• Lincoln National Life Insurance Company
• Metropolitan Life Insurance Company
• Security Benefits Group

Step 2:  Complete the online salary reduction agreement on the TSA Consulting Group webpage. Step-by-step instructions to complete the online form is available:  Online Salary Reduction Agreement Instructions.

If you have any questions, contact TSA Consulting Group by calling 888-796-3786.

To change an existing 403(b) or 457(b):

If you already have an existing 403(b)/457(b) but would like to make a change or add a new account, please complete the online salary reduction agreement on the TSA Consulting Group webpage. Please note:  this election will supersede and replace all prior 403(b) and/or 457(b) elections including the amounts, investment providers, and effective date. Any contributions you want to continue must be re-entered or the deduction will be stopped.

(COV) 457 Plan

An additional 457 Deferred Compensation plan is also available to all CPS employees through the Commonwealth of Virginia (COV). To set up your COV 457, please visit the ICMA-RC website. Once you get to the plan information for CPS, be sure to choose the COV 457 Deferred Comp Plan #307042. Please click here for more information about the COV 457 plan or call 877-327-5261.