Know Your Options

Chesapeake Public Schools is proud to offer retirement benefits to our employees. All eligible employees are able to apply for retirement through the new Online Retirement feature on the Virginia Retirement System (VRS) website.

Working While Retired

The Code of Virginia allows Virginia’s K-12 school divisions to hire eligible Virginia Retirement System (VRS) retirees into a certain full-time school security officer positions, known as the Retiree School Security Officer (RSSO). Under this special allowance, the RSSO continues to receive a monthly retirement benefit from VRS while working in the full-time position, which is an exception to the Retiree Return to Work Rules.

Qualifying for Retirement

VRS Plan 1

Employees hired or rehired before July 1, 2010, with at least 5 years of service as of January 1, 2013:

• Unreduced retirement:
  Age 65 with at least five years of service credit OR  age 50 with at least 30 years of service credit.

• Reduced retirement:
  Age 55 with at least five years of service credit OR  age 50 with at least 10 years of service credit.

VRS Plan 2

Employees hired or rehired before July 1, 2010, and does not have at least 5 years of service as of January 1, 2013, OR was hired or rehired on or after July 1, 2010, through December 31, 2013:

• Unreduced retirement:
  Normal Social Security retirement age with at least five years of service credit or when age and service credit equal 90 (e.g. age 60 with 30 years of service credit).

• Reduced retirement:
  Age 60 with at least five years of service credit.

Hybrid Plan

Employees hired or rehired on or after January 1, 2014:

DEFINED BENEFIT COMPONENT

• Unreduced Retirement:
  Normal Social Security retirement age with at least five years (60 months) of creditable service, or when your age and service equal 90.
  (e.g. Age 60 with 30 years of creditable service).

• Reduced Retirement:
  Age 60 with at least five years (60 months) of creditable service

DEFINED CONTRIBUTION COMPONENT

For the defined contribution component, you are eligible to receive distributions when you retire; you are not required to begin a minimum distribution until age 70 ½.

• Life Insurance
  Life insurance is a benefit provided to you in retirement at no premium cost to you – it is twice your annual salary in the 1st year of retirement, then it reduces by 25% each year until year 4 where it becomes one-half of your annual salary – this is where it stays for life.

• Deferred Member – If you decide to leave before retirement age, you can leave your money in the plan or take a cash refund.