VRS Frequently Asked Questions

QUESTION 1: How do I reach Virginia Retirement System (VRS)?

Please call 1-888-827-3847 or visit www.varetire.org. Employees are encouraged to register for a myVRS online account where you can manage your VRS benefits while you are working and in retirement. Your online account includes detailed information and helpful tools, including a retirement planner, and benefit estimator, as well as a financial wellness program. In retirement, you can monitor tax withholdings, monthly payment, direct deposit and any additional benefits.

QUESTION 2: Who is my CPS contact for the retirement process and when should I contact this person?

Contact the Chesapeake Public Schools Human Resources Department.  We recommend employees to begin the retirement process in the fall of year prior to your retirement date.

QUESTION 3: When should I complete and return my retirement papers?

Submit paperwork to Human Resources ninety (90) days prior to your retirement date. This is especially important for Medicare Eligible Retirees to transition benefits.
Example:
Retirement date of July 1st should be returned by April 1st

Please note: You can also file your retirement papers through your online “myVRS” account (see question 1). Please notify our district Human Resources department when you submit the paperwork virtually to ensure that you do not miss out on any district retiree benefits.

QUESTION 4:  When will I receive my first retirement check?

The first payment will be issued thirty (30) days after your retirement date. Submitting paperwork late may delay payment.
Example:
July 1, 2021 retirement date
August 1, 2021 payment date

QUESTION 5: If I meet all eligibility criteria, what are my benefits from CPS as a Retiree?

  • STIPEND
    $900 Retirement Stipend – ALL retirees are eligible, no service requirement
  • Retiree Health and Dental Insurance
    • Plans 1 & 2 (hired prior to July 1, 2012):
      Full retirement with at least 10 years of CPS service OR Early retirement with at least 15 years of CPS service
    • Plan 2 (hired on or after July 1, 2012) or Hybrid Plan:
      Full or early retirement w/ at least 20 years of CPS service
  • REDEEM SICK LEAVE
    Ability to cash in up to 60 days of sick leave. Must have at least 10 years of VRS service.
  • REDEEM VACATION LEAVE
    Twelve month contracted retirees have the ability to cash in up to 20 days of vacation. No service required.

QUESTION 6: When will I receive my retirement stipend, sick and vacation leave redemption pay?

In general, these benefits are paid within 45 days of retirement. If your payout is $2,500 or more, the money will automatically roll into a 401(a) account set-up through CPS. If your payout is less than $2,500, you will receive it in cash (less applicable taxes) via direct deposit.

QUESTION 7: If I meet all eligibility criteria, what are my benefits from VRS as a Retiree?

  • LIFE INSURANCE
    No premium cost to retiree (ALL retirees are eligible)
  • HEALTH CARE CREDIT
    Must have 15 years of VRS service to be eligible for this benefit
  • PARTIAL LUMP SUM OPTION (PLOP)
    Employees who work one to three years (1-3 years) past your full retirement date, you become eligible for the 1, 2, or 3 year PLOP

QUESTION 8: Who is my contact for retiree health, dental, Aflac, FSA, and Anthem life insurance?

Please contact the Chesapeake Public Schools Department of Employee Benefits at 757-547-1343.