Virginia Retirement Plan Transfer Agreement regarding contribution plan meeting requirements of the Internal Revenue Service
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How to fill out Retirement Plan Transfer Agreement Regarding Contribution Plan Meeting Requirements Of The Internal Revenue Service?
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FAQ
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.
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.
Portability of assets allows workers to withdraw accumulated pension benefits or transfer them to another retirement arrangement, or both.
Important Note The selection of the Advance Pension Option does not affect your Social Security benefit amount. You may draw your Social Security when you are eligible, regardless of the age you choose for your VRS benefit to reduce. You cannot elect the Advance Pension Option with another benefit payout option .
Your average final compensation is the average of your 36 consecutive months of highest creditable compensation as a covered employee.
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).
Account Withdrawal 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.