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Home
 > Members
 > Leaving Employment
 > Taking a Refund

Taking a Refund

How Much Refund Will I Receive?

If you request a refund and are vested or involuntarily separated from employment for causes other than job performance or misconduct, you will be eligible for a full refund of your member contribution account balance. If you are not vested, you will be eligible for a refund of the balance, excluding any member contributions made by your employer to your account after July 1, 2010 and the interest on these contributions. Look up your member contribution account balance in myVRS.

Note:

Requesting a Refund

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, including non-covered employment, and are no longer being reported to VRS by your employer. Periods of leave with or without pay do not count toward satisfying this break from employment. If you are a teacher or faculty member, summer breaks and intersession periods also do not count toward this break.

Examples

Taxes on Refunds

If you have your refund paid directly to you, VRS will withhold federal taxes of 20 percent and, if you live in Virginia, state taxes of 4 percent. Any after-tax member contributions in your refund will not be taxed again. If you receive your refund before age 59½, the Internal Revenue Service (IRS) may impose an additional 10 percent tax penalty for early withdrawal of member contributions; there are exceptions to this rule. You can defer taxes by rolling over your refund to an Individual Retirement Account (IRA) or another qualified plan that accepts rollovers. For more information, read the IRS 402(f) Special Tax Notice. You also can contact a tax advisor, call the Internal Revenue Service (IRS) toll-free at 1-800-829-1040 or visit the IRS website.

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