Get Employer Request For Forfeiture Of Member Benefits (VRS-180) - Varetire

No IRS Penalty Unlike many retirement savings plans, there is generally no early withdrawal penalty for distributions from the plan. Once you leave employment with the employer that sponsors the plan, you may take distributions from the plan, regardless of your age.

The VRS retirement plan is a qualified 401(a) defined benefit plan which pays eligible members a lifetime benefit amount based on years of service, age, and compensation. VRS members may also participate in the Virginia Deferred Compensation Plan.

You may withdraw from your account only when you meet one of these conditions: Terminate employment from the employer that offers the plan. Use your plan account to purchase VRS service credit, if approved. Experience an unforeseeable emergency that is approved by the Plan Administrator.

You become vested when you have at least five years (60 months) of service credit. Vesting means you are eligible to qualify for retirement if you meet the age and service requirements for your plan.

Termination or suspension of all or part of the benefits under an occupational pension scheme. Forbidden in relation to preserved benefits by the Pensions Act, 1990, as amended (the Act), it can still happen in public sector schemes which are exempted from Part III of the Act.

The Basic Benefit is a monthly benefit in retirement based on your age, total years of service credit and average final compensation . The unreduced benefit is calculated using a percentage of your average final compensation multiplied by your total years of service credit.

The refund process takes 45-60 days after your employer last reports you to VRS or after the date VRS receives your request, whichever is later. If your refund of taxable funds is less than $200, it is paid directly to you by direct deposit to the account of your choice and no taxes are withheld.

You may withdraw from your account only when you meet one of these conditions: Terminate employment from the employer that offers the plan. Use your plan account to purchase VRS service credit, if approved. Experience an unforeseeable emergency that is approved by the Plan Administrator.