Retirement Rules For State Government Employees In Virginia
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FAQ
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.
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.
Officially, you'll start the retirement process with your employer, letting them know when you plan to stop working. Depending on your employer and your tenure, you may need to write an official letter of resignation, document your contacts, processes, and files, and maybe even train a replacement.
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.
RetirePath Virginia is a state-sponsored retirement savings program. Eligible employers are required to participate in it or provide their employees with a qualified retirement savings plan from the private market.
FERS Retirement Eligibility Types of RetirementAgeYears of Service Optional (Voluntary) MRA 60 62 30 20 5 Early Out (Voluntary) 50 Any 20 25 Discontinued Service (Involuntary) 50 Any 20 25 Disability Any 18 months
Immediate Retirement AgeYears of Service 62 5 60 20 MRA 30 MRA 10
While working, members contribute to their Member Contribution Account, which earns 4% interest annually. Employers make contributions to VRS based on actuarial rates. The VRS Investment Department invests employee and employer contributions. Approximately two-thirds of benefit payments come from investment earnings.
This is a provision that allows you to retire with benefits beginning immediately if you have ten years of service and have reached the Minimum Retirement Age (at least 55). However, the annuity is reduced for each month you are under age 62.