Getting Ready to Retire Guide - Virginia Retirement System

Getting Ready to Retire Guide for Members in Plan 1 and Plan 2 Providing information to help you prepare for service retirement 1 WWW.VARETIRE.ORG • 1-888-VARETIR (1-888-827-3847) Getting Ready to Retire Service Retirement Guide for members in Plan 1 and Plan 2 of the Virginia Retirement System, the State Police Officers' Retirement System and the Virginia Law Officers' Retirement System. The Disability Retirement Handbook for Members is available for members retiring on disability. Contact VRS VRS Website: www.varetire.org Toll-Free Telephone Number: 1-888-VARETIR (1-888-827-3847) TDD: 804-289-5919 Email: vrs@varetire.org Important email notice: Do not send personal or confidential information, such as your Social Security number, by email. VRS will send only non-confidential replies. Mailing Address: Virginia Retirement System P.O. Box 2500 Richmond,

VA 23218-2500 Note: The information contained in this document is governed by Title 51.1 of the Code of Virginia. This information is intended to be general. It cannot be complete in all details and cannot supersede or restrict the authority of the Code of Virginia , which may be amended from time to time. 2 WWW.VARETIRE.ORG • 1-888-VARETIR (1-888-827-3847) Table of Contents Page 1. Your Retirement Member Resources About Plan 1 and Plan 2 2 VRS website at www.varetire.org: Benefit Payout Options 2 Retirement Plan Provisions at a Glance 4 • Secure online access to my VRS, providing up-to-date 2. Enhancing Your Retirement information from your member record and tools to help you Commonwealth of Virginia 457 Deferred Compensation Plan 10 plan for retirement Purchasing Prior Service 11 • Benefit information, forms and 3. Other Benefits publications, including the VRS Group Life Insurance Program 13 Handbook for Members Disability Programs 13 • Free member education about Long-Term Care Programs 14 your benefits, Money Matters and retirement planning, as 4. Preparing and Applying for Retirement well as the Commonwealth's Retirement Readiness Resources 15 457 Deferred Compensation Applying for Retirement 15 Plan if your employer offers Deferring Retirement 17 the plan Retirement Readiness Checklist 18 One-on-One Counseling: Talk with a counselor about your 5. After You Retire retirement options, applying for Direct Deposit 19 retirement and retiree benefits. Taxes 19 Walk-in counseling is available Cost-of-Living Adjustment (COLA) 20 on a first-come first-served basis. Social Security 22 Limited scheduled appointments If You Divorce 22 also are available; call VRS toll free Group Life Insurance 22 at 1-888-VARETIR (1-888-827-3847) Retiree Health Insurance (State Employees) 23 for more information. Counseling Health Insurance Credit 24 hours are 8:30 a.m.- 4 p.m., Monday Working After Retirement 25 through Friday. See www.varetire. Long-Term Care Coverage 25 org for directions to VRS. my VRS: At Your Service When You Retire 26 See also Key Contacts on the inside back cover. 3 WWW.VARETIRE.ORG • 1-888-VARETIR (1-888-827-3847) 1. About Your Retirement Plan 1 and Plan 2 The Virginia Retirement System (VRS) administers the defined benefit Plan 1 and Plan 2 through VRS, the State Police Officers' Retirement About This Guide - The System (SPORS), the Virginia Law Officers' Retirement System (VaLORS) Getting Ready to Retire Guide and the Judicial Retirement System (JRS). The defined benefit plan provides provides an overview of your a monthly benefit in retirement based on your age,...

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