Retirement Rules For Social Security In Fairfax
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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.
On your 65th birthday or thereafter if you have at least five years of eligibility service, OR • Plans A & B - on your 50th birthday if you have 30 years or more of eligibility service or at any time thereafter when your age plus years of eligibility service total 80 or more.
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.
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.
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 earnings limit for people reaching their “full” retirement age in 2025 will increase to $62,160. (We deduct $1 from benefits for each $3 earned over $62,160 until the month the worker turns “full” retirement age.) There is no limit on earnings for workers who are "full" retirement age or older for the entire year.
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.
Eligibility Birth YearAge to Receive Full Social Security Benefit 1943 - 1954 66 1955 66 + 2 months 1956 66 + 4 months 1957 66 + 6 months9 more rows
You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2025, your benefit would be about 30% lower than it would be at your full retirement age of 67.
Note, the full retirement age for Social Security is increasing to age 67. You may retire with a reduced benefit as early as age 60 with at least five years of service.
