An eligible LCPS retiree is: an employee who retires from LCPS service AND who immediately begins receiving a retirement from VRS.
Retiree health insurance is available to eligible retires that were hired prior to July 1, 2013.
Employees who retire with at least 10 consecutive years of benefited LCPS service will receive a salary supplement equal to 0.5% of their final annual salary multiplied by their LCPS years of service. The amount of the supplement will not exceed $5,000 or be less than $1,000.
Employee retires with an annual salary of $50,000 and has 25 years of LCPS service.
$50,000 x 0.5% x 25 years = $6,250
Supplement will be the maximum of $5,000
Employee retires with an annual salary of $50,000 and has 10 years of service.
$50,000 x 0.5% x 10 years = $2,500
Supplement will be $2,500
Employees who retire with at least 10 consecutive years of benefited LCPS service will receive 25% of their final daily wage for each day of their sick leave balance at retirement. The maximum dollar value changes annually and is equivalent to 25% of the previous year's average teacher salary for LCPS as reported in the State of Virginia's Annual School Report. Only earned sick leave will be included. Sick leave that has been advanced but not yet earned at the date of retirement will be excluded.
Virginia Retirement System (VRS)
For additional information regarding retiree health insurance click here.
Ready to Retire?
Did you know you can calculate your own VRS estimated retirement benefit? Just go to www.varetire.org to begin!
Contact the Employee Benefits Division at 571-252-1240 to schedule an appointment.
Need Help Planning for Retirement?
Check out the Workshops and Events page to see scheduled retirement planning seminars.