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Optional Retirement Plan for Political Appointees
Description of Benefit
Defined contribution retirement plan available to certain employees designated by the Code of Virginia.
Eligibility for Benefit
Contributions cease while the member is on leave without pay for active duty military service. Members still receiving a paycheck while on active duty, are eligible to receive any employer contribution amounts.
Benefits upon Return to VRS Employment
Upon return to active employment, members are eligible to receive any missed employer contributions. Members must provide Great-West/BenefitsCorp (Richmond, VA office) with a copy of military orders, date of call-up and employer contribution amount. Employers should determine appropriate catch-up amounts and with your assistance, work with Great West/BenefitsCorp to ensure catch-up employer contributions are properly made.
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