Virginia Retirement Plan for Outside Directors
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How to fill out Retirement Plan For Outside Directors?
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FAQ
VRS Plan 2 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. Average final compensation is the average of your 60 consecutive months of highest creditable compensation as a covered employee.
Retired State Employees, Teachers, Non-Teacher School Division Employees, School Administrators and School Board Employees. ... Retired Optional or Alternative Retirement Plan Participants. ... Retirees from Political Subdivisions.
You are covered under Plan 1 if your membership date is prior to July 1, 2010, and you were vested before January 1, 2013, and have not taken a refund. VRS Plan 2 is a defined benefit plan. The retirement benefit is based on your age, service credit and average final compensation at retirement using a formula.
About VRS Plans You are in VRS Plan 1 if your membership date is before July 1, 2010, and you were vested as of January 1, 2013. VRS Plan 2 is a defined benefit plan. The retirement benefit is based on your age, service credit and average final compensation at retirement using a formula.
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.
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 .
UNREDUCED RETIREMENT 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.
You contribute up to 5% of your compensation each month to your member contribution account through a pretax salary reduction. Your contributions are tax- deferred until you withdraw them as part of your retirement benefit or as a refund. Your employer makes a separate contribution to VRS for all covered employees.