Retirement For Elderly In Fairfax
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FAQ
You become eligible for an unreduced retirement benefit at age 65 with at least five years (60 months) of service credit or at age 50 with at least 30 years of service credit.
Age 65 at least five year of service credit or age 50 with at least 30 years of service credit. SHO & EMS: Age 60 with at least five years of service credit or age 50 with at least 25 years of service credit. For additional information, please visit the Virginia Retirement System website.
You become vested for your VRS defined benefit when you have at least five years (60 months) of service credit. Once you are vested, you are eligible for a monthly retirement benefit if you meet the age and service requirements for your plan.
Updated charts are published online at .fairfaxcounty/retirement. Plan A & B members are eligible to retire or enter the Deferred Retirement Option Program (DROP) at age 65 with at least five years of service, or at or after age 50, once age and ser- vice total 80 or more.
As a VA employee, you are part of the Federal Employees Retirement System (FERS). Under FERS, you are eligible for monthly retirement benefits after just 10 years of Federal service. This retirement system is portable. If you leave Federal employment, the Social Security component carries over to your new employment.
Basic Benefit The unreduced benefit is calculated using a percentage of your average final compensation multiplied by your total years of service credit. This percentage is called a retirement multiplier. See VRS Retirement Plans for more information about your benefit calculation.
To be eligible to retire with VRS you must be vested with at least 5 years of service with the program, and meet the minimum age requirement. Age 65 at least five year of service credit or age 50 with at least 30 years of service credit.
The VRS Plan 1 is a defined benefit plan that provides a lifetime monthly benefit during retirement based on your age, total service credit and average final compensation. Average final compensation is the average of your 36 consecutive months of highest creditable compensation as a covered employee.
Under normal retirement eligibility requirements, a Fairfax County teacher qualifies for full VRS pension benefits at age 67 with five years of service, or at any age—as long as the sum of her age and years of service is 90 or more (whichever comes first).
