File: GBOB

RETIREMENT PAY

Retirement Pay

All regular full-time employees who retire with the provisions of the Virginia Retirement System will be eligible for one-time, lump-sum, retirement pay.

Retirement pay will be calculated at the rate of one (1) day of salary for every three (3) days of unused sick leave, up to a maximum of two months of VRS eligible salary.

To be eligible, the retiree must have 10 years of consecutive full-time experience in Rockingham County Public Schools immediately prior to retirement. In the case of disability retirement, the years of consecutive experience restriction will be waived.

Severance (Termination) Pay

Unused accrued annual leave will be compensated in full, upon termination of employment, up to the maximum allowed under the annual leave policy.

Retiree Health Insurance

Retired employees may participate in the School Board health insurance program in accordance with the following terms and conditions:

1. The employee has served a minimum of 10 consecutive years as an employee of Rockingham County School Board (this calculation may consist of part-time, full-time or a combination of both).

2. The employee must be a current participant of the Group health insurance plan at the time of retirement in order to participate in the Group.

3. The employee be eligible for retirement under VRS and that his/her monthly payments be made through payroll deduction by VRS.

4. Once the retired employee (or anyone in his/her family, if on the family plan) becomes eligible for or obtains other health coverage, the retired employee (and/or family member) will no longer be eligible to participate in the Group.

5. The School Board will pay ten dollars ($10.00) monthly for each retired employee qualifying under these guidelines until the retired employee becomes eligible for or obtains other health coverage.

6. The School Board reserves the right to amend or rescind this benefit at its discretion.

Adopted:

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Legal Ref.: Code of Virginia, 1950, as amended, section 22.1-78

01/12 RCPS ROCKINGHAM COUNTY SCHOOL BOARD