Plan 1 & 2 Retirement and Life Insurance Benefits
Administered by Virginia Retirement System (VRS)
Group Life Underwritten Minnesota Life
RETIREMENT BENEFITS
Benefits provided for professional and support personnel working a minimum of 7 hours per day.
The School Board pays the employer portion of the cost for providing this benefit.
Employees pay a 5 percent member contribution on a pre-tax salary reduction basis.
Earn monthly service credits that count towards a benefit when you reach retirement age.
Benefit plan determined by hire date. Please refer to www.varetire.org for plan details.
LIFE INSURANCE BENEFITS
The school board pays for basic group term life insurance for eligible employees. The life insurance benefits are:
Group life insurance without a medical examination
Natural death benefits equal to twice your annual salary rounded to the next highest thousand
Accidental death benefit equal to four times your annual salary rounded to the next highest thousand
Dismemberment payments for accidental loss of limb(s) or the loss of sight in one or both eyes
Accelerated death benefit for a terminal medical condition
Safety belt benefit
Repatriation benefit
Felonious assault benefit
FORM REQUIRED
The Designation of Beneficiary Form (VRS-2) is completed by all participants.
VRS WEB ADDRESS: www.varetire.org
Register today for myVRS, the secure online retirement planning tool where you can access your account information, create benefit estimates, and request purchase of prior service. Future enhancements will offer online beneficiary updates and online retirement applications.