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If you’re looking ahead to a summer retirement, take time now to prepare and understand the application process. All the items you’ll need, including detailed checklists and other planning resources, are at your fingertips on the VRS website.

Begin Planning With myVRS

Remember that you must apply for retirement at least 60 days, but not more than four months (120 days), before the date you want to retire.

First, log in to your myVRS account to review:

• Retirement details: Your retirement eligibility date and estimated monthly benefit.
• Benefit scenarios: Create additional estimates under different assumptions with the myVRS Benefit Estimator.
• Future income planning: Use the myVRS Retirement Planner to estimate your income needs.
• Account balances: Your member contribution account balance and any defined contribution accounts.
• Beneficiary designations: For your defined benefit contributions and group life insurance.
• Contact information: Make sure your mobile number and personal email are up to date.
• Learning resources: Access recommended courses on budgeting, living in retirement and more through myVRS Financial Wellness.

Take Advantage of Your VRS Resources

For an overview of the retirement process, visit the Getting Ready to Retire page.

It includes sidebar links to the Getting Ready to Retire Guide and the Retirement Readiness Checklist. These resources outline what to expect before and after you apply and can help you prepare with confidence.

VRS offers a range of free educational opportunities, including webinars for members on how to apply for retirement and choosing a benefit payout option. Start with this month’s recording of Your Next Steps for a walkthrough of the application process and more on retiree benefits.

You may also consider meeting with a VRS counselor virtually or in person to discuss your benefits, options and the application process.

Skip the Paper Forms

When you’re ready, explore the benefit of online retirement in myVRS. This intuitive, time-saving application comes with pre-retirement counseling, such as informative videos and step-by-step guidance through major decision points.

The online retirement process will take about 30 minutes. You can stop at any point and save your work.

While most members can apply directly through myVRS, exceptions include those retiring with:

• Hazardous duty or judicial service.
• Long-term disability on their record or those retiring on disability.
• Approved Domestic Relations Orders on file.
• Ongoing purchase of prior service agreements.

You’ll see a message if you need to submit a paper form instead. The Getting Ready to Retire webpage includes this form and a brief video explaining the steps.

Learn About Your Defined Contribution Plan Options

If you’re in the Hybrid Retirement Plan, an optional retirement plan administered by VRS or participate in the Commonwealth of Virginia 457 Deferred Compensation Plan or Virginia Cash Match Plan, visit DCP Publications for information related to your defined contribution account.

View your plan’s Leaving Employment Guide to understand the options you may have for managing the money in your fund, such as:

• Keeping your balance in your DCP Account to continue enjoying tax-deferred growth and low fees.
• Rolling over the balance to another plan.
• Requesting a cash distribution.

Remember to also designate beneficiaries for your DCP accounts, as they do not carry over from myVRS.

Consider meeting with a Voya DC Plans Education Specialist virtually or in person to discuss the options available in your defined contribution plan(s).

Take Action on Time-Sensitive Benefits

• Optional Group Life Insurance: If you participate in the VRS program, you may continue or convert coverage within 31 days following the month you leave employment.
• Health Insurance Credit: Retirees with 15 or more years of service credit may qualify for a tax-free credit to help with individual health premiums.
• Long-Term Care Coverage: If you’re covered under the Virginia Local Disability Program, you can continue that coverage in retirement. Hybrid plan members are automatically enrolled in VLDP or a comparable program offered by your employer. Submit forms VRS-170 and VRS-171 to illumifin Corp. within 60 days of your last day of employment.
• Retiree Health Coverage: VRS does not administer health insurance. Contact your employer’s human resource office for details on available options.

Know What to Expect After You Retire

Once your first benefit payment is issued, your myVRS account will switch to retiree mode. You’ll be able to:

• View benefit payment information.
• View your health insurance credit and report health insurance premium changes.
• Print income verification.
• Review tax and cost-of-living adjustment (COLA) details.
• Update your payment destination and beneficiary information.
• Download your 1099 tax form if you have group life insurance.

VRS is here to help you navigate the path to retirement. If you have a question after reviewing this information, call us at 888-827-3847.