Henrico County VA

School Board analyzes post-retirement program


A program that pays retired Henrico school system employees a percentage of their final annual salaries in exchange for their part-time work within the system saves considerable money on substitute teacher expenses but could provide even more value to the system with several adjustments.

That was the conclusion of an in-depth analysis completed by county and school system finance officials, who presented their findings to the School Board Sept. 13.

At the beginning of the current fiscal year in July, the board increased the requirements of retirees who participate in the Post-Retirement Earnings Plan (PREP) program, mandating that they work at least 28 days during the school year in order to receive pay equal to 20 percent of their final annual paychecks. Eligible retirees may participate in the program for a maximum of seven years; 388 participate currently.

It was the third change made in the past three years by the board, which is seeking to squeeze more value from the 32-year-old program while reducing its annual cost. The PREP budget has dropped from its peak of $8.9 million in 2009 to $5.6 million during the current fiscal year. Prior to this year’s change, PREP participants received 22 percent of their final paycheck in exchange for working 24 days a year.

The program was created in 1980 as a way to provide a benefit to employees, encourage early retirement and save the school system money. During its budget process this spring, the School Board sought specific data to better determine the effectiveness and value of the program. But last week’s work session was proof that categorizing that value is a challenging exercise.

Though it’s relatively easy to determine the cost savings that results from using PREP retirees as substitute teachers – since there is a standard rate of pay for substitutes – it’s much more difficult to determine the value of administrative retirees who perform a variety of other responsibilities, Henrico Finance Director Gene Walter told the School Board.

Walter and his staff studied 507 PREP participants who entered the program during the past seven years and whose replacements were hired immediately upon their retirement. (The study didn’t include nearly 50 other participants whose former positions were eliminated, he said.)

Of those 507, 317 were retired teachers whose combined participation during those seven years saved the system $1.18 for each $1 it spent on the program, Walter said.

But Walter and his analysts could not determine a dollar-to-dollar estimate for the other 190 participants because their roles within the system were less defined and often entailed duties for which the system wouldn’t have hired temporary help.

School system officials recommended that the board consider a number of changes to the program that would make it easier to determine a clear value for each dollar spent in the program, including:

• assigning every participant to serve either as a substitute teacher (if qualified) or to fill another capacity with specific and direct calculable benefit to the system (such as SOL remediation);

• capping the maximum allowable salary to a participant at $90,000 annually;

• increasing the number of required years of Henrico service from 10 years to 15 years for eligible retirees and reducing the number of required years of service in the Virginia Retirement System from 16 to 15;

• requiring that interested participants notify the system of their intent by Dec. 1 annually and begin their participation the following July 1 (as opposed to the current system, which permits entry throughout the year – a minimum of 30 days after retirement – and makes budgeting for the program less predictable);

• grandfathering all current participants under the current standards until they have completed their seven years or dropped out of the program.

“We have determined that there’s a large responsibility on everyone’s part here to develop something that’s going to be very beneficial and cost-effective and also value-added to the school system,” Superintendent Pat Russo said during the work session. “That’s where we want to move this program.”

Current guidelines require that participants be at least 50 years old without having attained the age for full, unreduced Social Security benefits. The program initially was designed in part to serve as a bridge between retirement and Social Security, HCPS Finance Director Kevin Smith told the board. Using current standards, 854 current school system employees would be eligible to participate in the PREP program if they retired, HCPS Human Resources Executive Director Howard Banks said.

The board is expected to discuss the recommendations and the PREP program again at a meeting next month.
Bail Bondsman Henrico VA Richmond VA
Community

RAMPS receives $8k grant


RAMPS (Ramp Access Made Possible by Students) recently received an $8,000 grant from the Christopher and Dana Reeve Foundation. The award was one of 75 grants totaling more than $600,137 awarded by the Reeve Foundation to nonprofit organizations nationwide that provide more opportunities, access, and daily quality of life for individuals living with paralysis, their families and caregivers.

RAMPS, an organization founded by then-Henrico County high school students to build ramps for local low-income residents who need them, will use the grant to purchase modular wheelchair ramp supplies. These supplies will be used by local high school RAMPS clubs, who provide volunteers to build the ramps. > Read more.

Henrico man to compete in Liberty Mutual Invitational National Finals

Henrico resident Larry Loving, Jr., will compete with three other locals – Thomas Scribner (Richmond), Roscoe McGhee (Midlothian) and Larry Loving (Richmond) in the Liberty Mutual Insurance Invitational National Finals at TPC Sawgrass, in Ponte Vedra Beach, Fla., Feb. 26-Mar. 1. The foursome qualified for the national golf tournament by winning the Liberty Mutual Insurance Invitational, held at Whiskey Creek Golf Club in Ijamsville, Md. on June 11. That event supported the RiteCare Center for Childhood Language Disorders.

In total, 240 amateur golfers will compete in Florida. > Read more.

Henrico PAL recognizes supporters, HSHS athlete


The Henrico Police Athletic League (PAL) held its Sixth Annual Awards Banquet Feb. 5 at The Cultural Arts Center of Glen Allen, celebrating accomplishments of 2014 and recognizing outstanding contributions to the organization. Henrico County Juvenile Domestic Court Judge Denis Soden served as master of ceremonies and former Harlem Globetrotter Melvin Adams served as keynote speaker. 

Among the 2014 honorees were Richmond International Raceway (Significant Supporter), Richmond Strikers Soccer Club (Significant Supporter), Henrico County Schools-Pupil Transportation (Summer Camp Supporter), Bruce Richardson, Jr. (Youth of the Year), Sandra Williams (Volunteer of the Year), Thomas Williams (Employee of the Year), Mikki Pleasants (Board Member of the Year), and Michelle Sheehan (Police Officer of the Year).   > Read more.

Page 1 of 123 pages  1 2 3 >  Last ›

Entertainment

Weekend Top 10


For our Top 10 calendar events this weekend, click here! > Read more.

Travinia brings contemporary elegance to Willow Lawn


It was another win for Willow Lawn when Travinia Italian Kitchen and Wine Bar opened there six months ago, nestled in the heart of the re-made shopping center. The contemporary American Italian restaurant boasts 13 locations up and down the East Coast, with the Henrico location opening in August.

In the same week, I hit up Travinia twice, once for lunch and once for a late dinner. At lunchtime on a weekday, I was overwhelmed by the smell of garlic and by the number of working professionals in nice suits on their lunch breaks. When we first walked in, I was concerned our meal would be a little too pricey based on the décor – it’s a really nice place. Luckily, the menu has a variety of options for every budget. > Read more.

Soak up the fun

‘SpongeBob’ movie energizes with wit, laughter

There’s a ton of sugar in The SpongeBob Movie: Sponge Out of Water. Literal sugar, as SpongeBob Squarepants (Tom Kenny) and Patrick (Bill Fagerbakke) inhale their own weight in cotton candy and eat ice cream, one scoop per mouthful.

At one point we burrow into the brain of our boxy yellow hero and discover the inner workings of his brain: googly-eyed cakes and candies that giggle and sing. All of which is extremely appropriate for a film like Sponge Out of Water. Because not only is the movie sweet (the “awwww” kind of sweet), but it’s the equivalent of a 30-candy bar sugar rush, zipping between ideas like a sponge on rocket skates.

The story under all this is really not that complicated. SpongeBob flips burgers at the Krusty Krab. > Read more.

Page 1 of 118 pages  1 2 3 >  Last ›







 

Reader Survey | Advertising | Email updates

Classifieds

GET FREE OF CREDIT CARD DEBT NOW! Cut payments by up to half. Stop creditors from calling. 877-467-4560
Full text

Place an Ad | More Classifieds

Calendar

The Henrico County Community Author Showcase, a program that connects writers and readers in the community, will begin at 7 p.m. and continue on Thursdays at various libraries. Mary Rodwell… Full text

Your weather just got better.

Henricopedia

Henrico's Top Teachers