b'Capital Region Airport Commission NOTES TO FINANCIAL STATEMENTS June 30, 2025 and 2024 Note 8.PENSION PLAN Plan Description All full-time, salaried permanent employees of the Commission are automatically covered by a VRS Retirement Plan upon employment. This plan is an agent multiple-employer plan administered by the VirginiaRetirementSystem(theSystem)alongwithplansforotheremployergroupsinthe CommonwealthofVirginia.Membersearnonemonthofservicecreditforeachmonththeyare employed and for which they and their employer pay contributions to VRS. Members are eligible to purchase prior service, based on specific criteria as defined in the Code of Virginia, as amended. Eligible prior service that may be purchased includes prior public service, active military service, certain periods of leave, and previously refunded service.Benefit Structures The System administers three different benefit structures for covered employeesPlan 1, Plan 2 and Hybrid. Each of these benefit structures has different eligibility criteria, as detailed below. a. Employees with a membership date before July 1, 2010, vested as of January 1, 2013, and have nottaken a refund, are covered under Plan 1, a defined benefit plan. Non-hazardous duty employeesare eligible for an unreduced retirement benefit beginning at age 65 with at least 5 years of servicecredit or age 50 with at least 30 years of service credit. Non-hazardous duty employees may retirewith a reduced benefit as early as age 55 with at least 5 years of service credit or age 50 with atleast 10 years of service credit. Hazardous duty employees (law enforcement officers, firefighters,and sheriffs) are eligible for an unreduced benefit beginning at age 60 with at least 5 years of servicecredit or age 50 with at least 25 years of service credit. Hazardous duty employees may retire with areduced benefit as early as age 50 with at least 5 years of service credit.b. Employees with a membership date from July 1, 2010 to December 31, 2013, that have not taken arefund or employees with a membership date prior to July 1, 2010 and not vested before January 1,2013, are covered under Plan 2, a defined benefit plan. Non-hazardous duty employees are eligiblefor an unreduced benefit beginning at their normal social security retirement age with at least 5years of service credit or when the sum of their age and service equals 90. Non-hazardous dutyemployees may retire with a reduced benefit as early as age 60 with at least 5 years of service credit.Hazardous duty employees are eligible for an unreduced benefit beginning at age 60 with at least5 years of service credit or age 50 with at least 25 years of service credit. Hazardous duty employeesmay retire with a reduced benefit as early as age 50 with at least 5 years of service credit.c. Non-hazardous duty employees with a membership date on or after January 1, 2014 are coveredby the Hybrid Plan combining the features of a defined benefit plan and a defined contributionplan. Plan 1 and Plan 2 members also had the option of opting into this plan during the electionwindow held January 1April 30, 2014 with an effective date of July 1, 2014. Employees covered bythis plan are eligible for an unreduced benefit beginning at their normal social security retirementage with at least 5 years of service credit, or when the sum of their age plus service credit equals 90.Employees may retire with a reduced benefit as early as age 60 with at least 5 years of service credit.For the defined contribution component, members are eligible to receive distributions upon leavingemployment, subject to restrictions.40'