This page uses extracted PDF text. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2025
39
Reduction in Benefit Amounts
The benefit amounts provided to members covered under the GLI Program are subject to a reduction
factor. The benefit amount reduces by 25% on January 1 following one calendar year of separation. The
benefit amount reduces by an additional 25% on each subsequent January 1 until it reaches 25% of its
original value.
Minimum Benefit Amount and Cost-of Living Adjustment (COLA)
For covered members with at least 30 years of service credit, there is a minimum benefit payable under
the Group Life Insurance Program. The minimum benefit was set at $8,000 by statute. This amount is
increased annually based on the VRS Plan 2 cost-of-living adjustment and was increased to $9,532
effective June 30, 2025.
Contributions – The contribution requirements for the GLI program are governed by Sections 51.1-506 and
51.1-508 of the Code of Virginia, as amended, but may be impacted as a result of funding provided to state
agencies and school divisions by the Virginia General Assembly. The total rate for the GLI program was 1.34% of
covered employee compensation. This was allocated into an employee and an employer component using a 60/40
split. The employee component was 0.80% (1.34% x 60%) and the employer component was 0.54%
(1.34% x 40%). Employers may elect to pay all or part of the employee contribution; however, the employer must
pay all of the employer contribution. Each employer’s contractually required employer-contribution rate for the
year ended June 30, 2025, was 0.47% of covered employee compensation. This rate was based on an actuarially
determined rate from an actuarial valuation as of June 30, 2023. The actuarially determined rate, when combined
with employee contributions, was expected to finance the costs of benefits payable during the year, with an
additional amount to finance any unfunded accrued liability. Contributions to the GLI program from the
Commission were $9,888 for the year ended June 30, 2025.
GLI OPEB Liability, Expense, and Deferred Inflows and Outflows of Resources Related to the GLI Program – The
net GLI OPEB liability was measured as of June 30, 2024 and the total GLI OPEB liability used to calculate the
net GLI OPEB liability was determined by an actuarial valuation performed as of June 30, 2023, and rolled forward
to the measurement date of June 30, 2024. The covered employer’s proportion of the net GLI OPEB liability was
based on the covered employer’s actuarially determined employer contributions to the GLI program for the year
ended June 30, 2025, relative to the total of the actuarially determined employer contributions for all participating
employers.
June 30, 2024 proportionate share of liability
$94,630
June 30, 2024 proportionate share of contributions
0.00848%
June 30, 2024 expense
$(5,547)
Jump to an indexed page (64 of 64)