Pay Frequency

You will be paid monthly, on the last business day of the month.

Comprehensive Annual Financial Report (CAFR)

FY 2010 and 2009 Pension CAFR PDF

FY 2008 and 2009 Pension CAFR PDF

FY 2007 Pension CAFR PDF

Meeting Schedules

Retirement Board Meeting Schedule - 2012

Retirement Fund Investment Committee Schedule - 2012

Retirement Board Meeting Schedule - 2011

Retirement Fund Investment Committee Schedule - 2011

Retirement Board Minutes

Retirement Information

June 1, 2010 HIPAA Privacy Notice

Forms:

Change of Address Form PDF

Beneficiary Change Form PDF

Direct Deposit Form PDF

Vision Service Plan - Retiree Enrollment Form PDF

Health & Fitness Membership Enrollment Form PDF

Termination of Benefit Form WORD

Federal Withholding Form PDF

State Withholding Form PDF 

Minimum Conditions for Retirement

Early Retirement

On or after March 1, 2010, only actual service will be used in calculating credited service for determining early retirement eligibility. However, all credited service obtained or earned prior to March 1, 2010, will be included in such calculation.

Any member, who is not a public safety employee and has completed 25 years of credited service, even if before the attainment of the minimum retirement age, may retire with one of the following reductions.

• 5% per month for each month that the early retirement precedes the current minimum retirement age; or
• 5% per month for each month that early retirement precedes the normal 30 year minimum service requirement.

Service Retirement

Your retirement benefits are calculated by using the formula which is based on your average final compensation (AFC), which is the average annual compensation paid to a member during the 36 highest paid consecutive months of credited service.

Formula

Prior to March 1, 2010

• Average final compensation X 2% = Benefit per year of service.
• Benefit per year of service X number of years of creditable service = Annual City benefit for life.

On or After March 1, 2010

Current Employees as of March 1, 2010

• Average final compensation X 1.85% = Benefit per year of service.
• Benefit per year of service X number of years of creditable service = Annual City benefit for life.

Rehires and New Hires on or after March 1, 2010

Rehires and New Hires on or after March 1, 2010, will be members of the Virginia Retirement System (VRS). For plan information, refer to www.varetire.org.

Post Retirement

Post-retirement benefits offered to retirees are health, dental, vision, and life insurance. Vested employees who leave city employment before meeting the age and service requirements to receive a pension are not eligible for post-retirement benefits.

Health and Dental Insurance: City retirees may continue only health/dental coverage, if any, is in effect as of date of retirement. Increases in plan coverage are not allowed but decreases are allowed. When reaching age 65, city retirees and/or spouses are required to obtain part A and B of Medicare and the post-retirement benefit will consist of the Medicare carve-out plan. A spouse of a deceased city retiree who is eligible to receive a monthly spousal annuity may continue the medical and/or dental benefits coverage through the fund.

1. Qualified city employees who are not eligible to retire based on age or service before July 1, 2005 are entitled to receive a graduated percentage of the premium paid by the fund, depending on the years of city employment, as follows:
   
   

   Years of Credited Service	% of the Dollar Amount Paid by the Fund	Years of Credited Service	% of the Dollar Amount Paid by the Fund
   Less than 11	0	18	43
   11	5	19	49
   12	10	20	55
   13	15	21	64
   14	20	22	73
   15	25	23	82
   16	31	24	91
   17	37	25	100

3. The dollar amount of the premium paid by the fund will be capped June 30, 2005, with an annual COLA thereafter.
4. Current employees with 10 or more years of service as of March 1, 2010, will not have a change to the current City premium contribution provision above.
5. Current employees with less than 10 years of service as of March 1, 2010:

1. Retiree-single coverage level – No change to the City’s current premium contribution provision.
2. All other coverage levels – Establish a new dollar cap on the City’s premium contribution, calculated at 60% of the March 1, 2010 total premium.

1. Annual COLA added to capped City’s premium contribution
2. City’s premium contribution based on years of service at retirement
   
   

   Less than 10 years = 0% City contribution

   10 – 14 years = 25% City contribution

   15 – 19 years = 50% City contribution

   20 – 24 years = 75% City contribution

   25 years or greater = 100% City contribution

6. Employees hired on or after March 1, 2010, will participate in a Health Reimbursement Arrangement. The City will contribute 3% of the average City employees’ salary. There will not be any City premium contribution at retirement. Funds are invested in the employee’s name.

Vision Insurance: Vision Insurance is offered to all retirees. If elected, the retiree pays 100% of the premium. You must be enrolled in the Vision Plan to receive any benefit.

Life Insurance: All active city employees who are eligible to retire with age or service before July 1, 2005, will have one-half their salary in life insurance coverage after retirement. All active city employees who are not eligible to retire with age or service before July 1, 2005, will initially have life insurance coverage equal to one-half their salary upon retirement, which coverage will then decrease 20% per year. Coverage will not be reduced below $10,000. Life insurance is offered at no cost to the retiree.

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