Virginia Stop Annuity Request
Description
How to fill out Stop Annuity Request?
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FAQ
If you have elected NIP SBP coverage, you may terminate it at any time by requesting it in writing. There is no requirement for concurrence by the beneficiary. No refund of previous premiums paid will be made.
If you have elected NIP SBP coverage, you may terminate it at any time by requesting it in writing. There is no requirement for concurrence by the beneficiary.
You may withdraw from your account only when you meet one of these conditions: Terminate employment from the employer that offers the plan. Use your plan account to purchase VRS service credit, if approved. Experience an unforeseeable emergency that is approved by the Plan Administrator.
This plan 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 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.
An employee who chooses to accept the voluntary retirement scheme (VRS) can opt out of it before it is accepted, the Supreme Court ruled last week.
Soldiers retired due to disability have the option of discontinuing participation in SBP if they have been rated by the Department of Veterans Affairs (VA) as being totally disabled for 5 or more continuous years since last time on active duty, normally retirement or for 10 or more continuous years commencing after
If you have been newly hired or appointed to your position and you selected the Virginia Retirement System as your retirement plan, you have 60 days from the time you start your new duties to opt out of the VSDP plan if you prefer to be covered by a disability plan sponsored by your employer.
Ideally you should take the PLOP in conjunction with a thorough tax and financial planning analysis. If you need the money to pay off bills, the PLOP may be an answer. If you want to rollover the PLOP into an IRA for your heirs, that may also work.
In 2022, SBP will be reduced by no more than one-third of the amount of DIC received. In 2023, the SBP-DIC offset will be eliminated in total, so that surviving spouses eligible for both programs will receive both SBP and DIC in full, effective January 1 (paid on February 1).
