Full-time, permanent employees entering the service of Norfolk Public Schools must participate in the Virginia Retirement System (VRS). This system provides retirement benefits as well as death and disability benefits. All benefits vest after five (5) years of creditable service. Employees have a mandatory contribution rate of 5% of pay. Eligible employees are covered under the Virginia Retirement System (VRS) the first of the month following their hire date. For more details about the plan, refer to: www.varetire.org or call 1-888-827-3847.
Defined Contribution Retirement Plan Options (DCRP) – Tax Sheltered Annuities (TSA)
NPS has partnered with multiple DCRP program vendors to assist its employees with additional avenues for which to save for retirement. Employees can participate in one 403 (b), one 457 plan, and one Roth 403 (b). Employees must contact the vendor of their choice (Fissinger Investments Services, Lincoln Financial, AIG Retirement Services, Security Benefit, Voya, and METLIFE) directly for questions or information on their plans. Each year employees will be e-mailed information on these Tax Sheltered Annuities.
Defined Contribution Retirement Plan (DCRP) programs are available to all employees.
Employees can participate in one 403 (b), one 457 plan, and one Roth 403 (b)
Employees must contact the vendor of their choice directly for questions or information on their plans. Once contributing, employees must contact their agent to make contribution changes (increase, decrease, cancellations).
A TSA Agreement must be completed and signed by employee and agent when enrolling or making changes. Each vendor will forward such changes to the payroll office for payroll deduction processing.