> Advance Pension Option

Advance Pension Option

With this option, you elect to temporarily increase your monthly benefit. The temporary increase in your benefit begins when you retire. It continues until an age you choose between age 62 and the age you are entitled to full Social Security benefits. At that point, your VRS benefit is permanently reduced.

To calculate this option, VRS adds a percentage of your estimated monthly Social Security benefit to your monthly VRS benefit to arrive at your increased benefit amount. The amount of the percentage is based on several factors including your age when you retire and the age you want your increased benefit to permanently reduce.

Your benefit is reduced by the amount of your estimated full Social Security benefit. However, it will never be reduced by more than 50 percent of the Basic Benefit amount.

This option does not affect the amount of your Social Security benefit. You also may draw your Social Security whenever you are eligible for it, regardless of the age you choose for your VRS benefit to reduce. Neither the temporary increase nor permanent reduction in your VRS benefit will change.

The Advance Pension Option does not provide a continuation of a benefit to a survivor. You cannot elect the Advance Pension Option with other benefit options.

This option is available if you are retiring under VRS with an unreduced benefit. If you are a member of the State Police Officers’ Retirement System or the Virginia Law Officers’ Retirement System, you may elect this option under unreduced or reduced retirement. Other members retiring under VRS or at age 55 with at least five years of service credit also may elect this option.

You must provide VRS a copy of your Personal Earnings and Benefit Estimate Statement (PEBES) from the Social Security Administration. The estimate must be less than 12 months old, assume you will have no future earnings after leaving your VRS-covered position and be based on your Social Security earnings record. Request this statement by completing Form SSA-7004 which is available at your local Social Security Administration office, by calling the Social Security Administration toll free at 1-800-772-1213 or by visiting www.ssa.gov.

Let myVRS Estimate Your Benefit

You can create estimates using different benefit payout options through your personal myVRS member online account. Go to myVRS Log-in Page.