Pre-Retirement PlanningWhen planning for your retirement, there are many aspects to consider. Retirement income, health and life insurance are just some of these topics.
Got questions? Need help? Contact a Human Resource Generalist (e-mail hrgen@vcu.edu) at least 90 days prior to your retirement date so you can complete all of your retirement paperwork. This action will help ensure that your retirement check and related benefits will not be delayed.
Information from VCU's Pre-Retirement Symposium held on November 9, 2006:
- Keynote Session: Hiking the Retirement Journey
- Retiree Health Insurance
- Retiring with the Virginia Retirement System (VRS)
Information from VCU's Pre-Retirement Symposium held on September 29, 2005:
- Keynote Session: Optimal Aging - Creating Your Game Plan
- Social Security
- Medicare
- Financial Planning
- Estate Planning
- Fidelity - distribution options for the VCU Optional Retirement Plan (ORP) and Tax-Deferred Annuity (TDA) Program
See also these topics:
- Retirement Income
- Retiree Health Insurance
- Retiree Health Care Credit
- Retiree Life Insurance
- Long-Term Care Insurance
- Retirement Forms
- Tax-Deferred Annuity (TDA) Program and Cash Match Plan
- Social Security Administration
Retirement Income
Virginia Retirement System (VRS) members can receive a monthly income benefit for life during retirement. A number of payment options are available, including survivor benefits and PLOP (Partial Lump-Sum Option Payment). VRS provides a comprehensive pre-retirement planning web page [see below] that allows you to (1) calculate your own estimated VRS benefit and (2) obtain information on your retirement options and purchasing service.
VRS Member HandbookVCU Optional Retirement Plan (ORP) faculty participants obtain their retirement distributions from their chosen retirement vendors. A variety of distribution options are available – ranging from annuities or systematic withdrawals to lump-sum distributions. However, faculty must start an ongoing periodic annuity or withdrawal for life to be considered retired from the University and eligible to receive retiree health care coverage. Distributions are also subject to federal and state taxes and possibly a 10% penalty, depending on age at time of distribution and method of distribution.
ORP faculty should contact a retirement counselor with their respective ORP vendor.Retiree Health Insurance
Faculty and staff who immediately begin receiving a retirement income from either the VRS or the ORP, as applicable, when they leave the University may also apply for coverage under the state retiree health insurance program. Application for retiree health is required within 31 days of retirement.
(Note: Health care costs may fluctuate from year to year. Anticipate possible increases when planning your retirement.)
Retiree Health Care Credit
Faculty and staff with 15 or more years of state service may be eligible for the state’s retiree health credit. The health credit is designed to help offset the cost of retiree health care.
Read more about it in the VRS Retiree Health Care Credit Fact Sheet.
Retiree Life Insurance
To be eligible for retiree life insurance, you must be at least age 50 with 10 years of state service or age 55 with 5 years of state service. The value is your current basic life insurance amount at retirement; and it reduces by 25% each year on January 1, beginning after the first full year of retirement.
Long-Term Care Insurance
If you currently have long-term care (LTC) insurance through Aetna, either as a VSDP participant or you purchased on a voluntary basis, contact Aetna before you retire to find out how to continue this insurance coverage after retirement.
Retirement Forms
Click here for the most current versions from VRS.
Tax-Deferred Annuity (TDA) Program and Cash Match Plan
See the TDA web page for your options upon retirement.
Social Security Administration
Other Retirement Resources
If you have questions or you need further assistance with your retirement benefits, contact a Human Resource Generalist at hrgen@vcu.edu.
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Mailing
address: Virginia Commonwealth University | Human Resources
- Benefits Administration |