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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
30
PLAN 1
PLAN 2
HYBRID RETIREMENT PLAN
Disability Coverage
Members who are eligible to be
considered for disability retirement and
retire on disability, the retirement
multiplier is 1.70% on all service,
regardless of when it was earned,
purchased or granted.
Disability Coverage
Members who are eligible to be
considered for disability retirement and
retire on disability, the retirement
multiplier is 1.65% on all service,
regardless of when it was earned,
purchased or granted.
Disability Coverage
Employees of political subdivisions
(including Plan 1 and Plan 2 opt-ins)
participate in the Virginia Local Disability
Program (VLDP) unless their local
governing body provides an employer-
paid comparable program for its
members.
Hybrid plan members (including Plan 1
and Plan 2 opt-ins) covered under VLDP
are subject to a one-year waiting period
before becoming eligible for non-work-
related disability benefits.
Purchase of Prior Service
Members may be eligible to purchase
service from previous public employment,
active duty military service, an eligible
period of leave or VRS refunded service
as service credit in their plan. Prior
service credit counts toward vesting,
eligibility for retirement and the health
insurance credit. Only active members are
eligible to purchase prior service.
Members also may be eligible to
purchase periods of leave without pay.
Purchase of Prior Service
Same as Plan 1.
Purchase of Prior Service
Defined Benefit Component:
Same as Plan 1, with the following
exception:
•
Hybrid Retirement Plan members are
ineligible for ported service.
Defined Contribution Component:
Not applicable.
Employees Covered by Benefit Terms – As of the June 30, 2023, actuarial valuation, the following employees were
covered by the benefit terms of the pension plan:
Contributions – The contribution requirement for active employees is governed by Section 51.1-145 of the Code of
Virginia, as amended, but may be impacted as a result of funding options provided to political subdivisions by the
Virginia General Assembly. Employees are required to contribute 5.00% of their compensation toward their retirement.
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