Retirement Procedure 2014
 

Plan 1: Harrisonburg City Public Schools pays all contributions to the Virginia Retirement System on behalf of all full-time staff. Staff members, under Plan 1, are eligible for full VRS retirement benefits at age 50 with 30 years of service (includes an annual Cost of Living increase). A reduced retirement benefit is available at age 50 with at least 10 years of qualified service. 

Plan 2: Harrisonburg City Public Schools pays all contributions to the Virginia Retirement System on behalf of all full-time staff.  Staff members, under Plan 2, are eligible for full VRS retirement benefits at Normal Social Security retirement age with at least five years of service credit or when age and service equal 90 (e.g. age 60 with 30 years of service credit).  A reduced retirement benefit is available at age 60 with at least 5 years of service credit.

Questions????
Please review How to Complete Your Application for Retirement at the following link: http://www.varetire.org/media/retirement-application/story.html

Health Insurance Benefit for Employees Retiring On or Before 7/01/2014 

• Continuation of the HCPS group health insurance coverage is available for retirees who retire on or before 7/01/2014.  To be eligible for this benefit as defined, employees must:
  • be at least 50 years old and not eligible for Medicare; and
  • retire after ten or more cumulative years of service to HCPS; and
  • have worked for HCPS a minimum of five years immediately preceeding retirement; and
  • retire in good standing, and
  • meet the conditions of retirement prescribed by the Virginia Retirement System (VRS)
• School Board Policy #626 - full details of this policy
• Notice of continuation of coverage (PDF format)

Health Insurance Benefit for Employees Retiring After 7/01/2014 

• Continuation of the HCPS group health insurance coverage is available for retirees who retire after 7/01/2014.  To be eligible for this benefit as defined, employees must:
  • be at least 50 years old and not eligible for Meicare; and
  • retire after five or more cumulative years of service to HCPS; and
  • have worked for HCPS a minimum of five years immediately preceeding retirement; and
  • retire in good standing, and
  • meet the conditions of retirement prescribed by the Virginia Retirement System (VRS)
• School Board Policy #675 - full details of this policy
• Notice of Contiuation of Coverage (PDF format)

Retirement Life Insurance

• Basic Group Life Insurance will continue at no cost to a retiree. The amount of insurance reduces 25% annually until your coverage reaches 25% of the natural death benefit at retirement.