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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.

Your retirement benefit is subject to federal income taxes as well as state income taxes if you live in a state that taxes income. The exception is if you retired under the guaranteed benefit formula for work-related disability.

The refund process takes 45-60 days after your employer last reports you to VRS or after the date VRS receives your request, whichever is later. If your refund of taxable funds is less than $200, it is paid directly to you by direct deposit to the account of your choice and no taxes are withheld.

VRS-45 (Rev. 02/23) REQUEST FOR HEALTH INSURANCE CREDIT. Complete this form to request a health insurance credit or to notify VRS of changes to your insurance coverage and/or premium amount.

No IRS Penalty Unlike many retirement savings plans, there is generally no early withdrawal penalty for distributions from the plan. Once you leave employment with the employer that sponsors the plan, you may take distributions from the plan, regardless of your age.

The VRS Plan 1 is a defined benefit plan. This plan provides a lifetime monthly benefit during retirement based on your age, total service credit and average final compensation.

The VRS retirement plan is a qualified 401(a) defined benefit plan which pays eligible members a lifetime benefit amount based on years of service, age, and compensation. VRS members may also participate in the Virginia Deferred Compensation Plan.

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.