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Getting Ready to Retire Guide: Plan 1 & 2

addendum effective April 1, 2019 1 Virginia Retirement System Getting Ready to Retire Guide Pages 18-19: The member now sends the Application for Retirement (VRS-5) directly to VRS; tax withholding and direct deposit information are now included in the VRS-5. Applying for Retirement Retirement Date and Monthly Benefit Payments Retirement is effective on the first of the month following a bona fide break in service of at least one full calendar month from your retirement date over a period you normally would work.

Addendum effective July 1, 2021 1 Getting Ready to Retire Guide for Members in Plan 1 and Plan 2 Page 1: Update to note on plan governance. Note: The information contained in this document is governed by Title 51.1 of the Code of Virginia and other applicable law. This information is intended to be general.

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Transcription of Getting Ready to Retire Guide: Plan 1 & 2

1 addendum effective April 1, 2019 1 Virginia Retirement System Getting Ready to Retire Guide Pages 18-19: The member now sends the Application for Retirement (VRS-5) directly to VRS; tax withholding and direct deposit information are now included in the VRS-5. Applying for Retirement Retirement Date and Monthly Benefit Payments Retirement is effective on the first of the month following a bona fide break in service of at least one full calendar month from your retirement date over a period you normally would work.

2 To begin receiving your benefit payments in a timely manner, notify your employer and submit your application and all required forms and documents to VRS your employer at least 60 days, but not more than four months (120 days), before you want to Retire . Your application must include: Application for Service Retirement (VRS-5). Include acceptable evidence of your date of birth, such as a legible copy of your birth certificate. If you are married or separated, have your spouse complete the spousal acknowledgement section.

3 Your spouse must sign on or after the date you sign the application. Designation of Beneficiary (VRS-2) if you need to update your beneficiary for your member account and life insurance benefits. Request for Income Tax Withholding (VRS-15). Authorization for Direct Deposit of Monthly Benefit (VRS-57). [sidebar] Retirement Forms The Application for Service Retirement (VRS-5), Request for Income Tax Withholding (VRS-15) and Authorization for Direct Deposit of Monthly Benefit (VRS-57) and other retirement forms are available at Retirement forms are fillable.

4 Select the form and complete it online, then print and sign it before submitting. Page 22: Direct deposit information is now included in the Application for Service Retirement (VRS-5). After You Retire Direct Deposit VRS deposits your benefit payment directly to the account you designate on the Application for Service Retirement (VRS-5) Authorization for Direct Deposit of Monthly Benefit (VRS-57). Benefit payments are deposited on the first of the month for the preceding month s benefit. If the first falls on a weekend or holiday, the payment is deposited on the last business day of the preceding month.

5 If your financial institution account There are important updates to your VRS retirement benefits since the last issue of this guide was published. Refer to this information when reading your guide. Changes are in bold. addendum effective April 1, 2019 2 changes, submit an Authorization for Direct Deposit of Monthly Benefits (VRS-57) a new VRS-57 to VRS. Do not close your old account until your benefit payment is deposited to your new account. You can check your deposit information through myVRS. See myVRS: Helping You Plan for Tomorrow, Today in this booklet.

6 Page 22: Income tax withholding information is now included in the Application for Service Retirement (VRS-5). If you do not file a Request for Income Tax Withholding (VRS-15) with indicate an income tax withholding amount on your retirement application, VRS will withhold federal taxes as if you were married with three allowances and state taxes, if applicable, as if you had zero allowances. If you do not want VRS to withhold taxes from your benefit, notify VRS on your retirement application using the VRS-15.

7 VRS does not deduct income taxes for other states. If you Retire in Virginia and then move out of state, update your tax withholdings through your myVRS retiree online account (see myVRS: Helping You Plan for Tomorrow, Today in this chapter) or by submitting a new VRS-15 Request for Income Tax Withholding (VRS-15) to VRS. Page 30: In the Forms You Need section, the tax withholding form (VRS-15) and the direct deposit form (VRS-57) are no longer required, as this information is now included in the Application for Retirement (VRS-5).

8 The forms you need to Retire are also available on the VRS website at ; or you can call VRS at 1-888-827-3847 to request the forms. Application for Retirement (VRS-5) Request for Income Tax Withholding (VRS-15) Designation of Beneficiary (VRS-2) Authorization for Direct Deposit of Monthly Benefit (VRS-57) Getting Ready to RetireGuide for Members in Plan 1 and Plan 2 Plan 1&2 VRSP roviding information to help you prepare and apply for retirementGetting Ready to Retire Guide 15/7/18 10:55 AMContact VRSW ebsite: : 1-888-827-3847 TDD: 804-289-5919email: email notice.

9 Do not send personal or confidential information, such as your Social Security number, by email. VRS will send only non-confidential address:Virginia Retirement Box 2500 Richmond, VA 23218-2500 Note: The information contained in this document is governed by Title 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 Ready to RetireRetirement 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.

10 The Disability Retirement Handbook for Members is available for members retiring on MissionVRS delivers retirement and other benefits to Virginia public employees through sound financial stewardship and superior customer service. Getting Ready to Retire Guide 15/7/18 10:55 AMTable of Your RetirementPlan 1 and Plan 24 Benefit Payout Options4 Retirement Plan Provisions at a Your RetirementCommonwealth of Virginia 457 Deferred Compensation Plan11 Purchase of Prior Service12 Types and Purchase Amounts of Prior Service13 Cost BenefitsGroup Life Insurance Program16 Disability Programs16 Long-Term Care Program174.


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