This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Virginia USLF Multistate Elder and Retirement Law Handbook - Guide
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Multi-State
Control #:
US-001HB
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Word;
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FAQ
Your average final compensation is the average of your 36 consecutive months of highest creditable compensation as a covered employee.
Income for a VRS retiree. All data come from either VRS or the National Institute on Retirement Security. Employees contribute 5% of salary out of each paycheck to the pension fund. The average retirement benefit is 19,647 per year, or $1,637 per month.
Retired State Employees, Teachers, Non-Teacher School Division Employees, School Administrators and School Board Employees. If you retire with at least 15 years of service, you are eligible for a monthly health insurance credit for each year of service.
To request a refund, log into your myVRS account and submit an online request for a refund. If you do not have a myVRS account, you will need to register. Refunds cannot be processed until at least a full calendar month after you have left all employment with a VRS-participating employer.
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.
Generally, a veteran must have at least 90 days of active duty service, with at least one day during a wartime period to qualify for a VA Pension.
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.
Normal retirement age under VRS Plan 1 is age 65. You become eligible for an unreduced benefit at age 65 with at least five years of service credit or at age 50 with at least 30 years of service credit.