Deferred Compensation Plan In Retirement In Virginia
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FAQ
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.
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.
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.
The Commonwealth of Virginia 457 Deferred Compensation Plan (COV 457) offers you the opportunity to save for retirement through pre-tax payroll deductions. The plan offers a broad range of investment options, from conservative to aggressive, in order to uniquely meet your needs.
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.
If you are in Plan 2, you are eligible for an unreduced retirement benefit when you reach your normal Social Security retirement age and have at least 5 years of service, or when your age plus years of service equal 90.
Retirement Eligibility Age 65 if you have at least five years (60 months) of service credit, or at age 50 if you have at least 30 years of service credit.
VRS ranks as the 14th largest public or private pension fund in the U.S. and the 36th largest in the world, serving more than 803,000 active and inactive members, retirees and beneficiaries.
