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A COMPARISON OF VIRGINIA RETIREMENT PLANS School Board Meeting December 12, 2014

A COMPARISON OF VIRGINIA RETIREMENT PLANS School Board Meeting December 12, 2014. Comparison of VRS Plans. Comparison of VRS Plans. Comparison of VRS Plans. Comparison of VRS Plans. Illness, injury, surgery, pregnancy or other chronic health conditions qualify

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A COMPARISON OF VIRGINIA RETIREMENT PLANS School Board Meeting December 12, 2014

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  1. A COMPARISON OFVIRGINIA RETIREMENT PLANSSchool Board MeetingDecember 12, 2014

  2. Comparison of VRS Plans

  3. Comparison of VRS Plans

  4. Comparison of VRS Plans

  5. Comparison of VRS Plans

  6. Illness, injury, surgery, pregnancy or other chronic health conditions qualify • Maximum coverage is 125 work days • Employees receiving short term disability are still active employees and receive all benefits, including: SL, AL, Raises, Creditable Compensation toward retirement • Benefit begins after seven calendar days of absence Short Term Disability

  7. Short term Disability payments *This is applicable to each VRS Employer. If the employee changes school divisions, the continuous service starts over.

  8. Benefits begin after receiving 125 days of short term disability benefits (claim reviewed prior to end of 125 days) • Benefit is 60% of pre-disability earnings OR 80% for catastrophic conditions (may be reduced by certain sources of “other income” earned while disabled such as WC, other insurance plans, social security) Long Term Disability

  9. Hybrid Retirement Opt-In • All Plan 1 and 2 Employees may opt-in to the Hybrid Plan. • Opt-In enrollment period is Jan. 1 – April 30, 2014 • Opt-In is irrevocable after July 1, 2014 • Retirement Benefit calculations based on both plans (i.e. 10 years under Plan 1 and 20 Hybrid years)

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