Virginia Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service The Virginia Retirement Benefits Plan is a comprehensive pension program offered to eligible employees working in various sectors within the state of Virginia. It aims to provide financial security and retirement benefits to individuals who have dedicated their careers to serving the citizens of Virginia. The plan offers several types of retirement benefits to participants, including the following: 1. Virginia Retirement System (VRS): The VRS is the primary retirement plan for state employees, including teachers, state troopers, judges, and other public-sector workers. It offers a defined benefit plan, where retirees receive a set monthly payment based on their years of service, final average salary, and the retirement formula. 2. Optional Retirement Plan (ORP): The ORP is available to certain higher education faculty and administrative employees, allowing them to choose between VRS and an alternative defined contribution retirement plan. Participants contribute a percentage of their salary, which is then invested, providing a retirement income based on the accumulated funds. 3. Hybrid Retirement Plan (HBP): The HBP is a combination of the defined benefit and defined contribution plans, available to state employees hired after January 1, 2014. It provides a defined benefit component and a separate defined contribution component, providing retirement security and investment flexibility. 4. Cash Match Plan: This retirement plan is available to state police officers, law enforcement officers, and firefighters. It requires mandatory employee contributions, and the state matches the employee's contributions, providing retirement income that reflects the total accumulated funds. 5. 457 Deferred Compensation Plans: The 457 plan is a supplemental retirement savings plan offered to employees of state agencies, local governments, public schools, and other participating employers. It allows employees to contribute a portion of their salary to a tax-advantaged account, which can be invested in a variety of investment options until retirement. 6. Defined Contribution Plans: These plans are available to certain employees in state agencies, local governments, and political subdivisions. They allow participants to contribute a percentage of their salary and make investment choices from a range of available funds. Participation in any of the Virginia Retirement Benefits Plans requires specific eligibility criteria and varies depending on the employee type, position, and hiring date. It is advisable for employees to thoroughly review the requirements, benefits, and options associated with each plan to make informed decisions regarding their retirement savings and ensure a financially secure future.

The Virginia Retirement Benefits Plan is a comprehensive pension program offered to eligible employees working in various sectors within the state of Virginia. It aims to provide financial security and retirement benefits to individuals who have dedicated their careers to serving the citizens of Virginia. The plan offers several types of retirement benefits to participants, including the following: 1. Virginia Retirement System (VRS): The VRS is the primary retirement plan for state employees, including teachers, state troopers, judges, and other public-sector workers. It offers a defined benefit plan, where retirees receive a set monthly payment based on their years of service, final average salary, and the retirement formula. 2. Optional Retirement Plan (ORP): The ORP is available to certain higher education faculty and administrative employees, allowing them to choose between VRS and an alternative defined contribution retirement plan. Participants contribute a percentage of their salary, which is then invested, providing a retirement income based on the accumulated funds. 3. Hybrid Retirement Plan (HBP): The HBP is a combination of the defined benefit and defined contribution plans, available to state employees hired after January 1, 2014. It provides a defined benefit component and a separate defined contribution component, providing retirement security and investment flexibility. 4. Cash Match Plan: This retirement plan is available to state police officers, law enforcement officers, and firefighters. It requires mandatory employee contributions, and the state matches the employee's contributions, providing retirement income that reflects the total accumulated funds. 5. 457 Deferred Compensation Plans: The 457 plan is a supplemental retirement savings plan offered to employees of state agencies, local governments, public schools, and other participating employers. It allows employees to contribute a portion of their salary to a tax-advantaged account, which can be invested in a variety of investment options until retirement. 6. Defined Contribution Plans: These plans are available to certain employees in state agencies, local governments, and political subdivisions. They allow participants to contribute a percentage of their salary and make investment choices from a range of available funds. Participation in any of the Virginia Retirement Benefits Plans requires specific eligibility criteria and varies depending on the employee type, position, and hiring date. It is advisable for employees to thoroughly review the requirements, benefits, and options associated with each plan to make informed decisions regarding their retirement savings and ensure a financially secure future.