Introducing The Virginia Retirement System
August 4th, 2008
Virginia’s public sector employees receive a defined benefit plan, a group life insurance plan, a deferred compensation plan and a cash match plan with the virginia retirement system. Under a defined benefit plan, a formula determines retirement benefits which depends on the retiree’s age at retirement, average final compensation and years of service. The Virginia retirement system serves as the plan administrator for other retirement plans which are defined contribution plans and natural and, accidental death coverage are also included by employers for members who participate. Several tools are offered by the Virginia retirement system to include seminars, a pre-retirement planning guide and within five years of retirement, enrolling in a group counseling session which provides information on retirement benefits and the retirement process.
Entry Filed under: Miscellaneous