Retirement
Staff participate in the Virginia Retirement System (VRS), a defined benefit retirement plan, at no cost to them. Participants are eligible to retire with full benefits at age 65 with at least five years of service or as early as age 50 with 30 years of service. A reduced benefit is available at age 50 with 10 years of service, or age 55 with five years of service.
The amount of your retirement is based on
- your average final compensation (average of your highest 36 consecutive months of salary);
- years of service; and
- age at retirement.
Click here for more information on pre-retirement planning.
Retirement options include a basic benefit, survivor options, and the leveling option in which you can take a higher payment in the early years of retirement and a smaller benefit in the later years. Employees who do not participate in the Virginia Sickness & Disability Program (VSDP) may also apply for disability retirement. Disability retirement is available to an eligible employee who becomes mentally or physically unable to perform his present duties and whose disability is likely to be permanent.
Five percent of your creditable compensation (annual salary minus overtime, temporary, or extra pay) is put in your member account. This account earns 4 percent interest on contributions that have been in the system for at least 12 months. The contributions in your account, plus interest, may be refunded to you upon termination of employment. The amount of contributions and interest in the member account will not affect the amount of your benefit at retirement.
Each year, VRS members receive a Member Benefit Profile, which shows the amount of service credit you have and the total contributions and interest in the member account.
For your convenience, we have all included a link to the Social Security Administration Web site.
For more information on your retirement benefits, contact a Human Resource Generalist at hrgen@vcu.edu.
Mailing address: Virginia Commonwealth University | Human Resources - Benefits Administration
Human Resources Building, 104 North Belvidere Street, P.O. Box 842511 | Richmond, VA USA 23284-2511
Phone: (804) 827-1770 (Voice) | (800) 828-1120 (TDD) | Fax: (804) 828-0321 | Email: benefits@vcu.edu
This page is maintained by the VCU Human Resources web team | Revised: May 19, 2008
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