Announcement: The 2018 Cost of Living Adjustment (“COLA”) calculation has resulted in a COLA of 2.07%. Click this link 2018 COLA to see how the annual COLA is calculated. The COLA adjustment will begin in your May 2018 payment.
Seminars, Workshops and Webinars
Please check back for updates on our upcoming workshops and seminars.
Retirement Summary and Retirement Planning
- The Retirement Checklist provides information on steps you must follow to retire from the City retirement plans with estimated due dates.
- Planning for Retirement Handbook
Firefighters and Police Officers Pension Plan Contract Number 17147
- Plan Documents and Amendments
- Plan Document as amended and restated as of January 1, 2014
- Plan Document as amended and restated as of January 1, 2009
- DROP - Deferred Retirement Option Program
- Contribution Rates: Employee and Employer effective July 2010
- Investment Policy Statement, as amended January 14, 2016
- Steps Involved in Filing for Disability Retirement benefits
- Disability Benefits Booklet
- Estimate retirement benefits by logging onto the Prudential website (plan's record keeper)
Deferred Retirement Options Program (DROP)
This program allows a participant with at least 30 years of credited service to retire under the plan, continue working as a covered employee for up to three years, and defer receiving monthly benefits until the DROP retirement date. More information is provided in DROP FAQ, a list of frequently asked questions and answers.
To enter the DROP, an eligible participant needs to complete the DROP Application and DROP Agreement and give them to the Pension Division. Contact the Pension Division three months prior to the date you wish to enter the DROP to discuss the program and complete all forms prior to the deadlines.
Partial Lump Sum Option (PLOP)
The PLOP is an optional form of payment that allows a participant who retires at least one year after Normal Retirement Age to elect to receive a portion of their benefits in the form of a lump sum. We have created a PLOP Estimate Calculation Sheet to help you estimate your PLOP benefits.
If you are interested in more information on the PLOP, please contact the Pension Administration Division at:703.746.3879 or Kadira.Coley@alexandriava.gov.
Pension Plan Retirement Board
|Member||Term Ends||Member||Term Ends|
|Jack Browand (City)||Appointed by the City Manager||Edward Milner (Police)||December 31, 2018|
|Michael Cross (Chairman/Fire)||December 31, 2020||Albert Tierney (Police)||December 31, 2020|
|James Davis (City - Alternate)||Appointed by the City Manager||Laura B. Triggs (City)||Appointed by the City Manager|
|Patrick Evans (Fire)||December 31, 2018||Rick Muse (Fire - Alternate)||December 31, 2018|
|Jean Kelleher (Secretary/City)||Appointed by the City Manager||Christina Zechman Brown (City)||Appointed by the City Manager|
|Shirl Mammarella (Police - Alternate)||December 31, 2018|
Board Meeting Schedule
The Pension Plan Board holds meetings throughout the year in City Hall, 301 King Street, in the room indicated below. Meetings are open to the public. During Due Diligence Meetings, the Board focuses on reviewing investment reports of the pension and disability funds. These meetings may last three hours or longer. Interim meetings may be shorter and often include educational presentations. The Board may consider other issues brought to their attention at any meeting. You can find links to minutes from previous meetings following the meeting schedule.
Committees meet to explore a specific topic to present to the full Board at a later date.
|January 11, 2018||Thursday||8:30 a.m.||Interim Meeting||Sister Cities 1101|
|February 8, 2018||Thursday||8:30 a.m.||Interim Meeting||Sister Cities 1101|
|March 8, 2018||Thursday||8:30 a.m.||Due Diligence Meeting||Sister Cities 1101|
|April 12, 2018||Thursday||8:30 a.m.||Interim Meeting||Sister Cities 1101|
|May 10, 2018||Thursday||8:30 a.m.||Interim Meeting||Sister Cities 1101|
|June 14, 2018||Thursday||8:30 a.m||Due Diligence Meeting
||Sister Cities 1101|
|July 12, 2018||Thursday||8:30 a.m.||Interim Meeting
||Sister Cities 1101|
|August 9, 2018||Thursday||8:30 a.m.||Board Retreat||Sister Cities 1101|
|September 13, 2018||Thursday||8:30 a.m.||Due Diligence Meeting||Sister Cities 1101|
|October 11, 2018||Thursday||8:30 a.m.||Interim Meeting||Sister Cities 1101|
|November 8, 2018||Thursday||8:30 a.m||Interim Meeting
||Sister Cities 1101|
|December 13, 2018||Thursday||8:30 a.m||Due Diligence Meeting||Sister Cities 1101|
For more information on any of these meetings, contact Kadira Coley by e-mail or by phone at 703.746.3879
Board Meeting Minutes (Notes)
January 11, 2018 - Minutes will be posted once approved by the Board
February 8, 2018 -Minutes will be posted once approved by the Board
March 8, 2018 - Minutes will be posted once approved by the Board
April 12, 2018 - Minutes will be posted once approved by the Board
May 10, 2018 - Minutes will be posted once approved by the Board
June 14, 2018 - Minutes will be posted once approved by the Board
July 12, 2018 - Minutes will be posted once approved by the Board
August 9, 2018 - Minutes will be posted once approved by the Board
September 13, 2018 - Minutes will be posted once approved by the Board
October 11, 2018 - Minutes will be posted once approved by the Board
November 8, 2018 - Minutes will be posted once approved by the Board.
December 13, 2018 - Minutes will be posted once approved by the Board.
Minutes from Prior Years can be accessed HERE.
Pension Plan Retirement Board Procedures
The Firefighters and Police Officer's Pension Plan Board has adopted the following procedures. Please see the following links to review these procedures.
- Election Procedures
- Interest Rate Policy on Overpayments/Underpayments
- Rules of Procedures for the Board of Trustees
- Training and Education Policy Guidelines, Procedures and Expense Limitation
Retirement Income Account (Defined Contribution Plan - Closed) Contract Number 719116
Beginning in November 2013, ICMA-RC will provide administrative services for this plan.
- Log onto the ICMA-RC website (plan's record keeper) and click on the link for this closed, defined contribution plan to view your account balance and make changes to your investment allocation. Firefighters and Police Officers employed after 2003 do not have account balances in this plan.
Pension Plan for Firefighters and Police Officers (closed, old Defined Benefit Plan) Contract Number 17222
- Plan Document restated as of January 1, 2009
- Proposed Amendment: The City presented a proposed First Amendment to City Council at the May 10, 2011, Council meeting. The Internal Revenue Service recently notified the City that this amendment must be adopted very shortly in order for the Plan to maintain its tax preferred status. The amendment does not impact contributions, benefits, or eligibility.
ICMA-RC Payroll Roth IRA Account Number 705691
The City is now providing employees an additional way to save for retirement. Employees who enroll in a Payroll Deduction Roth IRA account with ICMA-RC will be able to make contributions to that Roth IRA account using payroll deductions. For more details click on the following.
- Informational Video on the Payroll Roth IRA and ICMA-RC
- Details on the Payroll Roth IRA
- Brochure on the Payroll Roth IRA
Deferred Compensation Plan (457) Plan Number 300832
The City sponsors the 457 Deferred Compensation Plan (457 Plan) with ICMA Retirement Corporation (ICMA-RC) to help employees save for retirement. A 457 plan is a savings plan available to state and local government employees that allows an employee to save through payroll-deducted contributions on a pre-tax basis. This means the contributions are deducted from the paycheck before federal and state taxes are withheld and the amount of taxable income is reduced by the amount of the contribution. Earnings also accumulate on a tax-deferred basis. Taxes are paid on contributions and interest when money is withdrawn.
For those just starting out, payroll-deducted contributions can be as little as $10 per pay period and up to the annual deferral limit for the year. The Internal Revenue Service determines the maximum deferral limit each year.
- Log onto the ICMA-RC website, www.icmarc.org, to view your account information, information on the funds, and to learn about investing. You will need to use the City Plan Number, 300832, the first time you log onto the website.
- Forms and Publications (Plan Number 300832)
- To request an Enrollment Kit, email: Sergey.Zelensky@alexandriava.gov or call 703.746.3886.
Employees have two opportunities to catch-up on contributions that they did not make in the past.
- Age-50 Catch-Up: Any employee who turns 50 or older during the year is eligible.
- Pre-Retirement Catch-up: Available to employees who are eligible to retire within the next three years with an unreduced retirement benefit. The amount that you may actually contribute under this provision is determined by subtracting the actual amount you have already contributed from the maximum allowed. This provision is complicated for employees who wish to defer some or all of their leave payout at retirement.
For more information on the Pre-Retirement Catch-Up and deferring leave payout, contact:
Pension Administration Division
301 King St., Room 1400
The 457 Deferred Compensation Plan Catch-Up Provision Packet provides more information on the Age-50 Catch-up and the Pre-Retirement Catch-up provisions.
Change Your Contribution
If you want to increase your contribution amount to the new deferral limit, or make any other change to your contribution amount, you will need to complete a 457 Deferred Compensation Plan Amount of Deferral Change Form. Complete the form with your new contribution amount and send it to:
Pension Administration Division
City Hall Room 1400
Meet Your ICMA-RC Representative
The City's ICMA-RC representative, Kevin Parker, is able to meet employees to discuss the 457 Plan. He makes appointments to meet employees at locations throughout the City. To arrange a meeting, call:
Monday-Friday, 8:30 a.m. to 9 p.m.
Retired Employee Information
Why am I receiving a W-2 if I am a City Retiree? This information applies to retirees who have City life insurance benefits.
Contact Prudential Retirement at 1.877.778.2100 from 8 a.m. to 9 p.m. if you have questions on your monthly benefit or 1099s (year end tax information); want to change your address, tax withholdings, or direct deposit information; or need to report the death of a retiree or a beneficiary receiving a monthly pension from one of the pension plans for Firefighters and Police Officers.
Contact Prudential Retirement at 1.877.778.2100 from 8 a.m. to 9 p.m. if you are still a participant in the Retirement Income Plan for Firefighters and Police Officers and have questions on this plan.
Contact Prudential Retirement at 1.877.778.2100 from 8 a.m. to 9 p.m. if you are receiving a monthly disability benefit paid by Prudential and you have questions on your monthly benefit or 1099s (year end tax information); or want to change your address, tax withholdings, or direct deposit information; or need to report the death of a retiree or a beneficiary receiving a monthly pension from one of the pension plans for Firefighters and Police Officers. Prudential began processing disability payments effective August 1, 2010. Prior to that SunTrust (1.866.855.6738) processed the disability payments.
Contact ICMA-RC at 1.800.669.7400 from 8:30 a.m. to 9 p.m. to inquire about the 457 Deferred Compensation Plan. Employees had the option of participating in this plan by making payroll-deducted contributions.
Contact the Pension Administration Division at 703.746.3885 for further information on the retirement plans.
Contact the Human Resources Benefits and Records Division at 703.746.3785 for inquiries on health and life insurance benefits. You may also find information on those benefits on the Human Resources website.