542P - Retirement
All full-time and identified permanent part-time employees (bus drivers and food service workers) of the Frederick County School Board shall participate in the Virginia Retirement System and social security program. Employee retirement benefits are governed by the rules and regulations established by the Virginia Retirement System. Participating employees may retire at the time they meet the retirement eligibility criteria of the Virginia Retirement System (VRS). The superintendent and his/her staff shall provide assistance to employees who seek information concerning retirement procedures and application, and shall counsel employees regarding retirement benefits.
In order for a retiring employee to be eligible for continuation of group health insurance benefits (pursuant to school board policy, in addition to the rights granted under COBRA) and payment of retirement supplements, the employee must meet the eligibility requirements for VRS retirement. The continuation of group health insurance pursuant to school board policy is explained at Regulation 544, section D.
Retirement supplement: Retiring employees who are members of the Virginia Retirement System and meet the eligibility requirements for VRS retirement are eligible for the retirement supplement. These retiring employees will be paid for each hour of unused and accumulated annual leave at their hourly rate. These retiring employees will also be paid for each hour of unused and accumulated sick leave at a rate equivalent to the lesser of 75 percent of the degreed substitute hourly rate or 75 percent of the employee's hourly rate. For retiring employees whose sick leave is recorded in daily increments, the payment shall be based on the lesser of 75 percent of the degreed substitute daily rate or 75 percent of the employee’s daily rate. Retiring employees may continue group health insurance at their own expense until the retiree is covered by another health plan.
*The daily rate for part-time employees who are retiring and have a carryover of full-time sick leave to their credit shall be calculated at their part-time hourly rate times the number of full-time daily work hours in their position.
Code of Virginia, 1950 as amended Section(s) 22.1-78, 51.1-135
Adopted: February 6, 1990
Amended: October 16, 2001
Amended: May 28, 2003
Amended: June 19, 2012
Amended: July 1, 2015