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    Document Summary
    - Report Published -

    House Document No. 11

    Document Title
    Actuarial Costs for Retired Teachers Returning to Work in Critical Shortage Areas

    Virginia Retirement System

    Enabling Authority
    Chapter 605 Enactment Clause 4. (Regular Session, 2005)

    Executive Summary
    The Virginia Retirement System (VRS) was required by The 2005 General Assembly, through Chapters 605 mid 606 of the Acts of Assembly, to report to the General Assembly no later than the 2007 session the costs of retired teachers returning to work to teach in critical shortage areas. A survey was conducted by the VRS to determine the number and salary of retired teachers serving in these positions. This data was examined by the VRS actuary, Wachovia Retirement Services, and it was determined that the majority of teachers returning to work in the Critical Shortage Programs retired with unreduced benefits and added no cost to the VRS pension plan for teachers. The program remains cost neutral.