VERIP (Early Retirement):

If you are considering retirement while under age 65, you may be eligible for an additional benefit under the County's Voluntary Early Retirement Incentive Program (VERIP)*. 

VERIP benefits are paid monthly for a period of five years or until age 65, whichever comes first. In addition to the monthly stipend, the County will pay an amount equivalent to the Board's annual contribution toward medical insurance.  You may accept it as a cash payment, or apply it toward the cost of the continuation of your County medical/dental benefits.

To be eligible, you must meet the age and service criteria for reduced VRS retirement, be a current employee at least 50 years of age and have been employed by the County in a benefits-eligible position for 10 of the last 13 years prior to retirement. 

VERIP applications should be submitted in advance of the fiscal year in which the employee is planning to retire. For the 2009-2010 Fiscal Year (July 1, 2009 - June 30, 2010), applications must be received in the Human Resources Department by Monday, December 1, 2008.  Employees who are still considering the possibility of retiring during FY2009-2010 are also encouraged to submit a VERIP application. This does not obligate you to retire and you may withdraw the application at any time.  

If you would like to receive an estimate of your retirement benefits to help you plan ahead, please complete the estimate request form. Depending on the volume of estimate requests received, you may not receive your estimate before the December 1st VERIP application deadline.  Please do not delay the submission of your VERIP application waiting for an estimate.  We will respond to estimate requests as promptly as possible.

*Note: Employees taking disability retirement are not eligible for VERIP benefits. 

Deferred Compensation Plans:

Deferred compensations plans enable employees to save for retirement on a pre-tax basis via payroll deduction. The savings and earnings on the investments are not subject to taxes until they are withdrawn from the Plan, usually at retirement, when most people will not have as much taxable income.  For 2009, participants under age 50 may contribute a maximum of $16,500; participants age 50 or older may contribute an additional $5,500.  Funds may be withdrawn at separation of service or for financial hardship without tax penalty regardless of your age at the time.  Albemarle County offers a 457 plan for local government and school employees through Nationwide. School employees (only) also have the option of selecting a 403b vendor and choosing an individual account. Please click here for more information about your deferred compensation alternatives.  Please note that all full and part-time employees may contribute into a 457 or 403b, regardless of benefits eligibility.

Important information for retirees who are considering returing on a part-time basis