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Retiring or Separating Employees May Keep Money With VRS
Leaving money in their VRS defined contribution plan may be a cost-effective option for members who are retiring or separating from their VRS-covered positions.
As employees retire or leave their jobs, it’s important for them to make well-informed decisions about their future savings. Refer them to the appropriate Leaving Employment Guide:
- Leaving Employment Guide for the Commonwealth of Virginia 457 Deferred Compensation and Virginia Cash Match plans (for plans 1 and 2).
- Hybrid Retirement Plan: Defined Contribution Component Leaving Employment Guide.
- Commonwealth of Virginia Optional Retirement Plans: Leaving Employment Guide.
When retiring or separating from VRS-covered positions, participants may leave their money in VRS defined contribution plans.
The Leaving Employment Guides lay out several reasons why participants might decide to keep their money with VRS, including: low fees, tax-efficient compounding and a variety of available investment options.
Participants also have access to their local Defined Contribution Plans Retirement Specialists. Separated employees can connect with their Virtual Representative Ashley Lucas at alucas@missionsq.org or 202-759-7201.
5 Questions DCP Participants Should Ask Before Moving Retirement Money to Another Fund
- Do I understand the plan fees and how they compare to VRS defined contribution plan fees?
- Are the investments suitable for my situation? Are they competitively priced?
- Will I receive personalized one-on-one assistance when I need it? What other education resources are available?
- Is there plan oversight and protection?
- Can I withdraw my money when I need it without a tax penalty?
