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Board lowers eligible age for retirement supplement to 50; keeps 10% supplement over five years
Summary
After extended discussion about costs and staffing impacts, the school board voted to change the district’s Deferred Compensation/Income Supplement Program (DCIP) eligibility age from 55 to 50 (still requiring full VRS retirement and the district's last 10 years of service) and to retain the standard 10% supplement paid over up to five years.
The Franklin County School Board voted on Jan. 13 to change its DCIP eligibility age from 55 to 50 and to continue offering the standard DCIP benefit of 10% of final annual salary paid over up to five years for eligible retirees who meet VRS full‑retirement requirements and other policy conditions.
What the change includes - Age requirement: board approved lowering the age threshold from 55 to 50 for DCIP eligibility. The board specified that employees must still meet full Virginia Retirement System (VRS) retirement eligibility and the policy’s existing service requirement that the retiree’s last 10 years of service be in Franklin County Public Schools. - Benefit and duration: the board retained the standard plan of 10% of…
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