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Applying for Retirement
Applying for Retirement
Congratulations! You are either thinking about retirement or have made the decision to retire! While this is a very exciting time, we recognize that not knowing exactly what to do can be overwhelming. So, we have provided helpful information below to assist you with this process. Take some time to look over the important steps and forms you need to complete below. Please contact us if you have any questions.
To apply for retirement, you will need to complete steps for both VRS and LCPS. You will find the process in summary as well as supporting details below.
Summary Steps to Complete the Retirement Process (see "The Details" section for more information):
Complete and submit the online LCPS Retirement Information Request form.
Watch or attend each of the two Retirement Information Sessions.
Submit your VRS Application for Service Retirement online through your myVRS account.
Submit your LCPS Voluntary Separation from Employment by logging into your ORACLE Self-Service account.
If you are eligible for Retiree Health Insurance:
Complete your Retiree Health Insurance Enrollment / Change Form.
If applicable, complete the VRS-78 Authorization to Deduct Insurance Premiums from your VRS pension and submit it to Employee Benefits.
If Medicare-eligible (generally over 65 or Social Security disabled), apply for Medicare Part A and Part B and include the CMS L564 employer form that we will provide to you.
If applicable, send a copy of your Medicare card(s) showing enrollment in Part A and Part B to Employee Benefits, prior to your active health insurance ending.
If you are eligible for sick leave payout, annual leave payout or retiree bonus, submit your Retirement Payout Distribution Request Form to Employee Benefits.
The Details for Completing the Retirement Process
1. Complete an LCPS Retirement Information Request Form (When You Are Within 6 months of Retirement).
When you are within 6 months of retirement, complete the online LCPS Retirement Information Request form. In response to your request, you will receive an email with your next steps. If you are more than 6 months from retirement, you can still review the steps below to learn about applying for retirement.
2. Attend or Watch the Recorded VRS & LCPS Retirement Information Sessions (2)
We have partnered with VRS to make sure you have information about your eligibility for retirement benefits and what you need to do next. We will be hosting a LIVE virtual session each month that you should attend to get started and get your questions answered. Then we have a second recorded session for you to watch that walks you through the application process. In combination, these two sessions will provide you with all the details you need to get started. Recorded sessions of both presentations are also available for on-demand viewing.
Click here to choose and register for an information session or view a recorded session.
3. Contact the Virginia Retirement System (VRS) About Your Pension Benefits and Submit Your Application
VRS Member Counselors are trained to help you understand your retirement options, apply for retirement and explain your personalized VRS retiree benefits. Counselors are available, on-demand, anytime convenient to you between the hours of 8:30 am and 5:00 pm, Monday through Friday, by calling VRS at 1-888-827-3847. No appointment is necessary for your counseling – so be prepared when you make the call.
Before you call, plan to spend some time reviewing your retirement plan through your myVRS account. Under the Benefit Estimate tab, you can create retirement estimates using different retirement dates and electing different benefit payout options. Additionally, VRS has provided a great resource titled “Applying for Retirement”. Scroll down to the middle of the page to access a video explaining the process and reviewing the forms you need to complete to retire.
We recommend you start the application process at least 60 days, but not more than four months (120 days), before you want to retire. Example: If you wish to retire on July 1, submit your application by May 1.
It is also helpful to understand your LCPS retirement benefits prior to talking with a VRS Member Counselor (see below).
4. Submit Your Voluntary Separation Through Oracle
When you are ready to retire, submit your Voluntary Separation through Oracle Self-Service. Once logged in, choose LCPS Employee Self Service > Voluntary Separation and follow the steps. Enter the last workday you intend to work and a reason of “Retirement”. If retiring at the end of the school year, you can find the last day of your contract under Standard Contract End Date. Once submitted, this information will be sent directly to your Supervisor for approval and then routed through Human Resources.
5. Understand your Eligibility for LCPS Retirement Benefits
There are eligibility requirements you must fulfill in order to receive LCPS retirement benefits (sick leave payout, retiree bonus, retiree health insurance). One of those requirements is that you submit an application for service retirement to the Virginia Retirement System to begin receiving your monthly pension immediately upon separating from LCPS. Please review Policy 7628 to learn details about LCPS Retirement Benefit eligibility.
a. If you are eligible for Retiree Health Insurance, complete the LCPS Retiree Health Insurance Enrollment/Change Form.
Submit the completed form to the Employee Benefits Office for processing.
Check your eligibility for Retiree Health Insurance.
b. Submit a VRS-78 Authorization to Deduct Insurance Premiums if applicable
If you are enrolling in LCPS Retiree Health Insurance and have a premium due to LCPS each month, VRS can deduct this premium from your pension payment and remit it to LCPS. You must have enough in your pension payment to cover your LCPS retiree health insurance premium. To get started, complete the VRS-78 Authorization to Deduct Insurance Premiums and submit it to the Employee Benefits Office for processing at Email Employee Benefits Office or via fax at 571-252-1401.
c. Apply for Medicare Parts A & B if you or any of your dependents are age 65 or older (or otherwise eligible for Medicare) and you are enrolling in LCPS Retiree Health Insurance.
If you, your spouse or any covered dependents are Medicare-eligible (ex. 65 or older or Social Security disabled) and elect to enroll in the LCPS Retiree Health Insurance Plan, you are required to enroll in Medicare Parts A & B and submit a copy of your Medicare card prior to your coverage effective date. You should apply for Medicare 90 days prior to your active coverage ending, or as soon as possible at Medicare or by calling your local Social Security Office. If you are over 65 you may already have Medicare Part A, but you will have to apply for Part B to be enrolled in the LCPS retiree health plan for Medicare-eligible retirees and dependents. Learn more about the Cigna True Choice Core Medicare PPO Plan on our website.
d. Send us a copy of your Medicare card showing enrollment in Parts A & B once received.
This is required of retirees or dependents that are Medicare-eligible and eligible to enroll in LCPS Retiree Health Insurance. We will need a copy in advance of your enrollment, so please send it as soon as possible to the Employee Benefits Office at Email Employee Benefits Office or via fax at 571-252-1401.
6. Submit a Retirement Payout Distribution Request (if eligible)
If you are eligible for sick leave payout, annual leave payout or retiree bonus, submit your Retirement Payout Distribution Request Form to the Employee Benefits Office at Email Employee Benefits Office or via fax at 571-252-1401. Follow these instructions on How to Complete the Payout Distribution Request Form. Review Policy 7628 to learn more details about LCPS Retirement Benefit eligibility.
Sick Leave Payout
Sick leave payout is available to employees who have worked for LCPS at least 10 years prior to submitting the VRS Application for Retirement. LCPS will pay eligible employees 25% of their daily rate (to the maximum) for each day of sick leave earned and accrued at retirement.
Annual Leave Payout
Annual leave payout is available for 12-month working employees only.
Retiree Bonus
Retiree Bonus payouts are payable to employees who have worked for LCPS at least 10 years prior to submitting the VRS Application for Retirement.
7. Understand What Happens to Your Active Benefits When you Leave LCPS
The What Happens To My Benefits When I Leave LCPS? document explains the effect retirement or termination of employment has on your LCPS benefits as well as how to continue or convert some of those benefits. Some of your VRS-related benefits may continue into retirement if you retire from LCPS.
Basic Life Insurance - Employer-paid Basic Life Insurance is based on your salary times two. After retirement, your basic life insurance reduces in benefit – See page 25 of VRS publication “Getting Ready to Retire” if you are a VRS Plan 1 or Plan 2 member. See page 21 of the VRS publication "Getting Ready to Retire for HYBRID Employees" if you are a VRS Hybrid member.
Optional Life Insurance - If enrolled for at least 60 months at the time of retirement, Optional Life Insurance can be continued after retiring. Ask for a conversion packet - See page 26 of VRS publication “Getting Ready to Retire” if you are a VRS Plan 1 or Plan 2 member. See page 23 of the VRS publication "Getting Ready to Retire for HYBRID Employees" if you are a VRS Hybrid member.
Other Important Information
myVRS Account
Log into your myVRS account and review your VRS payout options. Print off estimates for your records. Review your payout options with your Financial Advisor, if desired.
Social Security and Medicare Benefits
Learn the basics of Social Security and Medicare Benefits in the Social Security 101: Understanding Your Benefits recorded webinar.
Loudoun Retired Educators Association (LREA)
All LCPS retirees are invited to join LREA. Lunch meetings are held once a month (September - June) at the LCPS Administration Building. Members are actively involved in many volunteer activities. Annual dues are currently $45 which covers local, district and state dues. Contact Karen Elliot at Email Karen Elliot or Loretta Hall at Email Loretta Hall for more information or to join.
Working after Retirement
See page 28 of VRS publication “Getting Ready to Retire.”
Substituting for LCPS
You are eligible to substitute for LCPS after a break in service of one calendar month in which you would have worked. For example, if you are retiring at the end of the school year, you can return as a substitute on October 1st of the next school year. Information can be found in the Applying to Substitute with LCPS! flyer.
If you have any questions, please contact Employee Benefits at 571-252-1810 to speak to a Retirement Specialist.