When you leave employment, you have a number of decisions to make pertaining to your VRS benefits.

Options if You Leave Your Job

If you leave covered employment before retirement, you can:

  • Take a refund of your member contributions and interest in your defined benefit account. Taking a refund cancels your membership and eligibility for any future benefits; or
  • Leave the funds in your defined benefit account with VRS and become a deferred member. If you are vested, you may be eligible for a future retirement benefit if you meet the age and service requirements for your plan.

Before you decide: Check your member contribution account balance and view your other benefit information through myVRS. Knowing this information may help you weigh your options if you are thinking of leaving covered employment. Log in or create a secure online myVRS account. You also can contact your human resource office or call VRS at 1-888-827-3847 for assistance.

Defined Contribution Plan funds: If you are a member of the Hybrid Retirement Plan or have money in the Commonwealth’s 457 Deferred Compensation Plan, you may take a refund of your defined benefit member contribution account and/or take a distribution from your defined contribution account when you leave employment. You may also choose to leave your retirement funds in your defined contribution account. You can leave your money in the plan until you are age 73, when you are required to take minimum distributions. Keeping your money in your plan may provide you with potentially more cost-effective retirement opportunities than rolling your money into a traditional IRA. Visit dcp.varetire.org to learn more.

Moving to Another Covered Position?

If you move to another covered position with a VRS-participating employer, you will come under the plan provisions of the new position for retirement and other benefits. For more information, refer to the current member handbooks.

Eligible to Retire?

If you are eligible to retire and wish to apply for retirement, visit your online myVRS account. Read more about getting ready to retire.