Virginia Employee Retirement Agreement
Description
How to fill out Employee Retirement Agreement?
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FAQ
Unforeseeable emergency withdrawals: If you are experiencing severe financial hardship because of an unforeseeable emergency, you may be eligible to withdraw funds from your DCP account. IRS requirements restrict this type of withdrawal, and may limit the amount you can withdraw.
If you need assistance applying for retirement, your human resource office, a family member or an individual authorized to act on your behalf, such as an agent named under a power of attorney or a legal guardian, may be able to assist you. For more information, call VRS toll-free at 1-888-827-3847.
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.
Options if You Leave Your Job Take a refund of your member contributions and interest. Taking a refund cancels your membership and eligibility for any future benefits; or. Leave your funds with VRS and become a deferred member.
As a VA employee, you are part of the Federal Employees Retirement System (FERS). Under FERS, you are eligible for monthly retirement benefits after just 10 years of Federal service. This retirement system is portable.
The Code of Virginia does not allow VRS members to borrow or withdraw funds from their member contribution accounts. You can take a refund of your member contribution account when you leave covered employment. Those eligible for an optional retirement plan (ORP) must elect the ORP plan or the Hybrid Retirement Plan.
457(b) Assets can be withdrawn without penalty at any age upon separation from service from the plan sponsor, or age 70½ if still working.
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 .
