Frequently Asked Questions about VRS (Click Question for Answer)
- What type of retirement plan is VRS?
- How are VRS benefit levels established?
- How are VRS benefits funded?
- How are VRS funds invested?
- Are VRS pension benefits adequately funded?
- What is the relationship between the amount of money in an employee's member account and the amount of the VRS benefit?
- Can an employee borrow against his or her VRS account balance?
- How long does it take for a member to receive a refund?
- How much interest does VRS pay on refunded member contributions?
- How can a member roll-over a refund so that it is not taxed?
- How does Social Security affect a retiree's VRS benefit?
- When can an employee retire with unreduced benefits?
- What is the earliest that an employee can retire and receive some type of benefit?
- Is an employee allowed to purchase additional service credit in order to increase his or her pension benefit?
- What type of pension benefit payment options are available?
- What are the retirement benefit payout choices?
- How much of a cost-of-living adjustment will a retiree receive?
- When does a retiree start receiving a COLA?
- How much does the COLA protect a retiree's pension benefit from inflation?
- Is the VRS pension benefit taxable?
- How can an employee determine the amount of his or her pension benefit at an assumed future retirement date?
- Is the VRS benefit subject to attachment by creditors or the courts?
- How much life insurance coverage does an employee have through VRS?
- Is the amount of a member's life insurance coverage reduced after retirement?
- What other types of VRS benefits, besides life insurance, are available to a retiree's survivors upon his death?
- How do benefits for State Police, Virginia law officers, local law enforcement officers and firefighters, and judges differ from those for State employees, local employees and teachers?
- How is a State employee's health insurance handled after retirement?
- Is a retired public school teacher eligible to receive a VRS health insurance credit?
- How does the deferred compensation plan work?
- How can an employee find out more about VRS benefits and retirement planning?
© 2010, Commonwealth of Virginia
Rev. 10-Feb-2010
