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2512 George Mason Drive • P.O. Box 6038 Virginia Beach, Virginia 23456-0038   757.263.1000 • 757.263.1240 TDD

Policies and Regulations

School Board of the City of Virginia Beach
Regulation 4-19.1

PERSONNEL

Retirement Programs

A.  Virginia Retirement System (VRS)

The school board will pay the Virginia Retirement System (VRS) contributions for all eligible employees.

B.  Tax Sheltered Annuities (TSA)

Editor's Note
See division regulation 4-36.3.

C.  Supplemental Retirement Program

1.  Eligibility

a.  Employee must be covered by VRS.

b.  Last ten years employed with Virginia Beach City Public Schools for 1993-94; with ten other years experience credit in education related fields. Last fifteen years employed with Virginia Beach City Public Schools for 1994-95; with ten other years experience credit in education related fields.

The combined employee age plus full-time service credit totals at least 75 in 1993-94 and 80 in 1994-95 and thereafter.

c.  Age is between 55 and 65.

d.  Benefits will not be paid concurrently with disability retirement.

2.  Conditions

The employee will be responsible for working the immediate one-half of their contract year following their retirement. The employee will have officially retired under VRS prior to being eligible for the plan and prior to receiving twenty (20) per cent of their VRS calculated average salary.

3  .Benefits

General salary increases will be provided that are equivalent to those received by employees for that year.

Hospitalization insurance coverage will be provided by the school division up to age 65 for those who qualify unless other qualifying events exclude those individuals. The same employer health insurance premiums will be provided the retiree with 25 years experience in Virginia Beach as currently exists. Other employees will be eligible to receive fifty (50) per cent of the employer's contribution to one of the school division's approved plans while enrolled in the Supplemental Retirement Plan.

Employees will be eligible to receive twenty (20) per cent supplement for up to five (5) years. The employee will not be eligible to receive supplements when the employee reaches age 65.

 

Approved by School Board:  February 16, 1993