Virginia Retirement Plan Transfer Agreement for the Motorola, Inc. Pension Plan
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How to fill out Retirement Plan Transfer Agreement For The Motorola, Inc. Pension Plan?
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FAQ
It refers to the ability of your employees to take their retirement savings with them when they leave your company. No more hassle or confusion when switching jobs. With portability, employees can transfer their hard-earned savings to a new employer's retirement plan or an individual retirement account (IRA).
Portability means transferring the value of retirement assets from a previous employer with which VRS has a portability agreement to a VRS-participating employer, through the purchase of VRS creditable service, in order to consolidate retirement benefits.
If you work at least one year beyond the date you are eligible for an unreduced retirement benefit, you may elect to receive a one-time Partial Lump-Sum Option Payment (PLOP). This option reduces your monthly benefit. You can elect this option with the Basic Benefit or Survivor Option.
To submit a request to establish reciprocity, log in to your myCalPERS account and select Retirement, then select Retirement Summary from the drop-down list. Under Reciprocity, select submit a request to establish reciprocity.
Portability of assets allows workers to withdraw accumulated pension benefits or transfer them to another retirement arrangement, or both.
Your average final compensation is the average of your 36 consecutive months of highest creditable compensation as a covered employee.
Portable benefits mean that the benefits are attached to the individual employee, instead of the employer. The portability allows individuals to take these benefits with them when they change jobs or move from one employer to another.
