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When can I cash out my deferred compensation?

Planning retirement distributions For example, the Internal Revenue Code (IRC) allows for 401(k) withdrawals to begin penalty-free after age 59but the IRC also requires that you start taking distributions at age 73. By contrast, there are no IRC age restrictions on distributions from a deferred compensation plan.

Can you borrow against Virginia retirement system?

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.

What is the plop retirement system in Virginia?

If a member selects the Basic Benefit or the Survivor Option and works at least one year beyond the date he or she is eligible for an unreduced retirement benefit, the member may elect to receive a one-time Partial Lump-Sum Option Payment (PLOP). This option reduces the monthly benefit.

What are the survivor benefits for VRS?

If you elect the Survivor Option, you will choose a whole percentage of your benefit, between 10% and 100%, to go to your survivor. Your benefit amount is based on this percentage, your age and the age of your survivor at retirement.

How long does it take to be vested in Virginia retirement system?

Vesting is the minimum length of service you need to qualify for a future retirement benefit. You become vested when you have at least five years (60 months) of service credit. Vesting means you are eligible to qualify for retirement if you meet the age and service requirements for your plan.

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How long does it take to get refund from VRS?

The refund process takes 45-60 days after your employer last reports you to VRS or after the date VRS receives your request, whichever is later. If your refund of taxable funds is less than $200, it is paid directly to you by direct deposit to the account of your choice and no taxes are withheld.

How do I cash out my Virginia retirement?

To request a refund, log into your myVRS account and submit an online request for a refund. If you do not have a myVRS account, you will need to register. Refunds cannot be processed until at least a full calendar month after you have left all employment with a VRS-participating employer.

Is Virginia retirement system a lifetime benefit?

Membership in the Virginia Retirement System (VRS) is automatic. The VRS retirement plan is a qualified 401(a) defined benefit plan which pays eligible members a lifetime benefit amount based on years of service, age, and compensation.

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