Retirement Planning Seminar

About the Program

Category: Personnel Management, Employment and Training (Best in Category)

Year: 2017

The Virginia Retirement System (VRS) administers pension plans and other benefits for Virginia’s public sector employees, including employees of Chesterfield County (the county). Employees who meet the criteria for retirement are eligible to receive a monthly lifetime benefit from VRS. By July 1, 2017, there will be over 300 Chesterfield County employees, nearly 10 percent of the full-time workforce, who can retire with full retirement benefits from VRS. By July 1, 2020, that number nearly doubles. There are numerous other employees who can retire with a reduced benefit. Retirement is a major milestone in a person’s life. It also causes significant stress and worry, as some employees are unprepared for retirement and do not begin planning early enough, if at all. Eighty percent of Americans between the ages of 30 and 54 believe they will not have saved enough for retirement. Part of the county’s strategic plan is to “attract, develop and retain a diverse, highperforming workforce.” To meet that objective, the county must care about the employee’s well-being, not just in the present, but in the future as well. The Chesterfield County Retirement Planning Seminar was designed to help employees learn how to prepare and plan for a financially secure retirement. The day-long seminar includes a variety of speakers, including representatives from VRS, Empower Retirement-- the county’s deferred compensation vendor, an attorney who discusses estate planning, and HR staff who discuss specific county benefits, such as retiree healthcare.