VRS Logo Wednesday, March 21, 2018

Counseling Center
1111 East Main Street
Richmond, VA 23219
8:30 a.m.–4:00 p.m.
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Administrative Offices
1200 East Main Street
Richmond, VA 23219

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Enhanced Retirement

Employees who are at least age 50 and vested at their layoff date are eligible for enhanced retirement under the Transitional Benefits Program. They may elect one of the following:

If the additional retirement credit does not bring an employee to retirement eligibility, he or she is eligible for the transitional severance benefit only. Employees retiring with the enhanced retirement credit cannot defer their retirement or retire on disability. Employees retiring under the program who are eligible for an unreduced retirement benefit at their layoff date will receive additional service credit only.

Enhanced Retirement Credit Calculation

The enhanced retirement credit is calculated using the employee’s salary, years of consecutive service with you rounded up to a whole year and the employer’s portion of health insurance and life insurance premiums. You can use the Transitional Benefits Calculator to determine the amount of additional credit for an enhanced retirement. You enter the employee’s information. If you are authorized to use myVRS for Employers, you can include the additional credit and create an estimate of VRS retirement benefits based on all the components of the calculation provided through myVRS.

Health Insurance Credit and Hazardous Duty Supplement

Life Insurance

Some basic group life insurance benefits continue into retirement for employees retiring under the program who are covered under the VRS Group Life Insurance Program. If they have elected optional group life insurance coverage, they also may be eligible to continue all or a portion of this coverage. Read more about Insurance in Retirement.

Forfeiture of Benefits

Employees retiring under the program who return to covered employment with any VRS-participating employer in any capacity will forfeit the enhanced retirement credits when they retire again.

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