Thursday, December 15, 2022 | 4 to 5:15 p.m. | Zoom
Are you considering retirement? Have you thought about your retirement date? No matter your retirement date, you likely have questions, such as: How much money will I need in retirement? Where will it come from? What are my options for saving? How does health insurance work?
Please join us for a Retirement Planning Webinar on Thursday, December 15, from 4 to 5:15 p.m. Anyone, including significant others, is welcome to attend; no registration required. On Thursday, click below to join us on Zoom:
The webinar will cover the following topics:
- What is VERIP? Am I eligible?
- Saving for retirement: why you should save and what you need to consider
- Virginia Retirement System: benefits and options
- Returning to work after retirement: what you need to know
You don’t need to be getting close to retirement to start thinking about it! The sooner you start planning, the better prepared you’ll be.
Note: If you are interested, but unable to attend on the 15th, we will post a recording of the session to our Retirement Benefits web page.
What else should I know?
VERIP Applications are due December 16. If you’re considering retirement during the next fiscal year (July 1, 2023 – June 30, 2024) and you’ll be under age 65, you may be eligible for an additional benefit under the ACPS Voluntary Early Retirement Incentive Program (VERIP). (Employees who retire at the end of the 2022-23 school year will have a retirement date of July 1, 2023.)
To be eligible for VERIP you must:
- Be a current benefits-eligible employee who is at least 50 years old and under the age of 65
- Have been employed by ACPS in a benefits-eligible position for at least 10 of the last 13 years prior to retirement
What does VERIP do for me? The VERIP benefit provides a financial contribution toward medical insurance. You may accept it as a cash payment or apply it toward the cost of your ACPS medical benefits.
Who should submit a VERIP application? Anyone eligible for VERIP who is considering retirement during the next fiscal year should apply for VERIP. If you would like to apply, you can access the VERIP Application on our Retirement Benefits web page. Completed applications should be submitted to Jenny Stearns in Human Resources via U.S. Mail, interoffice mail (Pony), scan/email, or fax (434-293-0451) no later than December 16, 2022.
The fine print: Submission of a VERIP application does NOT obligate you to retire. No staffing actions will result from the submission of a VERIP application unless or until you submit a letter of resignation to your supervisor. Employees can view Policy GCPC, Employee Retirement in ElectronicSchoolBoard.
Questions? Please contact Jenny Stearns, ACPS Benefits Advisor.