The Virginia Retirement Plan for Outside Directors is a retirement plan specifically designed for directors who serve on the boards of companies in Virginia. It offers a variety of benefits and options to ensure a secure and comfortable retirement for these individuals. One of the key advantages of the Virginia Retirement Plan for Outside Directors is its flexibility. This plan allows directors to contribute a portion of their compensation towards their retirement savings. These contributions are tax-deferred, meaning that participants can enjoy potential tax advantages while saving for the future. The plan also offers a wide range of investment options to help directors grow their retirement savings. Participants can choose from various investment vehicles like stocks, bonds, mutual funds, and exchange-traded funds, enabling them to tailor their investment strategy to their individual goals and risk tolerance. In addition to the flexibility and investment opportunities, the Virginia Retirement Plan for Outside Directors provides a range of comprehensive benefits. These include access to financial planning services, retirement counseling, and educational resources to help directors make informed decisions about their retirement savings. Furthermore, the plan offers a choice between numerous retirement payout options. Directors can select from options such as a lump sum payment, periodic payments over a fixed period, or a lifetime annuity. This enables directors to choose the payout method that best aligns with their unique financial needs and goals. It is important to note that there are different types of the Virginia Retirement Plan for Outside Directors, each catering to specific needs and circumstances. One variant is the Defined Contribution (DC) plan where directors contribute a set percentage of their compensation, and the employer may also contribute through matching funds. Another type is the Defined Benefit (DB) plan, which guarantees a specific retirement benefit based on factors like years of service and compensation history. In summary, the Virginia Retirement Plan for Outside Directors is a comprehensive retirement plan that offers flexibility, investment choices, and an array of benefits to directors serving on company boards in Virginia. With different variants like the Defined Contribution and Defined Benefit plans, directors can select the plan that suits their retirement goals and preferences.
Virginia Retirement Plan for Outside Directors
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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.