Retirement Benefits Summary
Minimum Conditions for Retirement
- 25 years credited service for sworn fire, police, or sheriff at any age.
- 30 years credited service at any age for all other employees.
- 5 years credited service and age 50 for sworn fire, police, and sheriff members.
- 5 years credited service and age 60 for all other members.
Early Retirement
On or after March 1, 2010, only actual service will be used in calculating credited service for determining early retirement eligibility. However, all credited service obtained or earned prior to March 1, 2010, will be included in such calculation.Any member who is not a public safety employee and has completed 25 years of credited service, even if before the attainment of the minimum retirement age, may retire with 1 of the following reductions:
- 0.5% per month for each month that the early retirement precedes the current minimum retirement age
- 0.5% per month for each month that early retirement precedes the normal 30 year minimum service requirement
Service Retirement
Your retirement benefits are calculated by using the formula which is based on your average final compensation (AFC), which is the average annual compensation paid to a member during the 36 highest paid consecutive months of credited service.Formula
Prior to March 1, 2010
- Average final compensation X 2% = benefit per year of service
- Benefit per year of service X number of years of creditable service = annual city benefit for life.
Effective March 1, 2010 through December 31, 2012
- Average final compensation X 1.85% = benefit per year of service
- Benefit per year of service X number of years of creditable service = annual city benefit for life.
Effective January 1, 2013 (General Employees Only)
- Average final compensation X 1.65% = benefit per year of service
- Benefit per year of service X number of years of creditable service = annual city benefit for life.
- Overtime earned on or before February 28, 2010 will be included in the AFC calculation. Overtime earned in excess of $3,000 per year on or after March 1, 2010 will not be included in the AFC calculation.
- The benefit you receive from the city is in addition to your Social Security Award.
Rehires & New Hires on or After March 1, 2010
- Rehires and new hires on or after March 1, 2010, will be members of the Virginia Retirement System (VRS).
Post Retirement
Post-retirement benefits offered to retirees are health, dental, vision, and life insurance. Vested employees who leave city employment before meeting the age and service requirements to receive a pension are not eligible for post-retirement benefits.Health & Dental Insurance
City retirees may continue only health / dental coverage, if any, that is in effect as of date of retirement. Increases in plan coverage are not allowed, but decreases are allowed. When reaching age 65, city retirees and/or spouses are required to obtain part A and B of Medicare, and the post-retirement benefit will consist of the Medicare carve-out plan. A spouse of a deceased city retiree who is eligible to receive a monthly spousal annuity may continue the medical and/or dental benefits coverage through the fund.- Qualified city employees who are not eligible to retire based on age or service before July 1, 2005 are entitled to receive a graduated percentage of the premium paid by the fund, depending on the years of city employment, as follows:
- <10 years of credited service - 0%
- 10, 11 - 5%
- 12 - 10%
- 13 - 15%
- 14 - 20%
- 15 - 25%
- 16 - 31%
- 17 - 37%
- 18 - 43%
- 19 - 49%
- 20 - 55%
- 21 - 64%
- 22 - 73%
- 23 - 82%
- 24 - 91%
- 25 or more - 100%
- The dollar amount of the premium paid by the fund will be capped June 30, 2005, with an annual COLA thereafter.
- Employees hired on or after March 1, 2010, will participate in a Health Reimbursement Arrangement. The city will contribute 3% of the average city employees' salary. There will not be any city premium contribution at retirement. Funds are invested in the employee's name.