Incentive Program September 2010

Agenda Purpose of the incentive program Program eligibility Description of the incentive Time period the incentive will be offered Other considerations  Health Insurance  VRS  Leave Payouts Q&A on the program

Purpose of the Incentive Program Reduce the anticipated potential for lay- offs in FY 11/12 Reduce the anticipated potential for salary and/or benefit reductions in FY 11/12

Program eligibility At 6/30/2011 must be eligible for an unreduced retirement benefit  Age 50 with at least 30 years in VRS  Age 65 with at least 5 years in VRS  Must have been employed for a full contract year in FY 09/10

Incentive Program Intended to be a one-time offer Resignation letter submitted at time of election  Must resign no later than 6/30/2011 Legal agreement to be signed Decision to participate is irrevocable after 7 calendar days

Incentive Program Does not affect any other benefits  Leave at separation  Health insurance benefits

Incentive Program Period of election October 1, 2010 through November 30, 2010

Incentive Program CPS Years at 6/30/2011Benefit Less than 7Lump sum payment of $12,000 Paid on 9/15/11 OR 1/15/12 7 but less than 10Lump sum payment of $12,000 Paid on 9/15/11 OR 1/15/12 OR Heath insurance as if had 10 years with CPS (eligibility for Medicare Carve-out Program) 10 or moreLump sum payment of $12,000 Paid on 9/15/11 OR 1/15/12

Useful links - VRS  Plan 1  View your member information, including service credit and compensation reported to VRS by your employer.  Check the status of an application for retirement, purchase of prior service or refund.  Estimate your retirement benefit using current information.  View and update your personal contact information online.  Registration and information on on-line Webinars by Topic

VRS seminars Retirement Education Seminar I Schedule November 10, 2010 Tidewater Community College, Va Beach Campus Advanced Technology Center 8 am – 12 pm Topics  Psychological Adjustment and Planning for Retirement  Mid- and Long-Term Financial Planning  Estate Planning and Legal Readiness  Register online:

VRS Webinars varetire.org/Members/Plan1/Education/Webinars.asp varetire.org/Members/Plan1/Education/Webinars.asp View Webinar on your computer while listening via the telephone Sept. 23, 2010Ready to Retire – Plan 110:00 – 11:00 am Sept. 28, 2010Payout Options3:30 – 4:30 pm Oct. 5, 2010Demystifying the PLOP10:00 – 11:00 am Oct. 12, 2010 Health Insurance Credit3:30 – 4:30 pm Oct. 19, 2010Overview – Plan 110:00 – 11:00 am Oct. 26, 2010Purchase of Prior Service – Plan 13:30 – 4:30 pm

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