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Frequently Asked Questions About Retirement
Retirement Application for Virginia Retirement System (VRS)
1. When can I retire?
If you are a member of the Virginia Retirement System, your application may be submitted to the Virginia Retirement System (VRS) not more than four months prior to your effective date of retirement. This ensures you will receive your first benefit payment the first of the month following your retirement date. Note, if all required documents are not received by VRS within 90 days of your anticipated retirement date, processing of your application will be delayed. This will affect when your first benefit payment is made. VRS does not process incomplete applications; your application is not considered complete until all documents are received.
To determine if you are a Plan 1, Plan 2, or Hybrid Plan member, you may call VRS at 888-827-3847 or visit the VRS website to register and review your account. You may also email email@example.com to obtain this information.
VRS Plan 1 - If you are a Plan 1 member you may retire as early as the age of 50 if you meet the eligibility and service requirements. Please visit the Virginia Retirement website to review the VRS Plan 1 Handbook for Members (PDF) for additional details.
VRS Plan 2 - If you are a Plan 2 member, you may retire as early as age 60 with at least five years of service credit. For details, visit the Virginia Retirement website to review the VRS Plan 2 Handbook for Members (PDF).
VRS Hybrid Plan - If you are a Hybrid Plan member, you may retire as early as age 60 with at least five years of service credit. For details, visit the Virginia Retirement website to review the VRS Hybrid Plan Handbook for Members (PDF).
2. How much will my VRS retirement payments be?
If you are a member of the Virginia Retirement System:
- You may contact Virginia Retirement System at 1-888-827-3847 to request an estimate for monthly retirement benefits, or
- You may use the myVRS website to estimate your VRS benefits before applying for retirement. You will need to register and set up a password in order to use this site.
3. What do I need to do if I want to retire under the Virginia Retirement System?
Contact VRS at 1-888-827-3847 and schedule a meeting with a VRS retirement counselor, or contact ACPS Human Resources at 703-619-8010 or firstname.lastname@example.org to schedule an appointment to meet with an ACPS Benefits staff member to review all completed VRS forms.
You must complete the following forms which can be found on the VRS website.
- VRS-2 Designation of Beneficiary Form
- VRS-5 Application for Retirement (form indicates Service Retirement)
- VRS-57 Authorization for Direct Deposit of Monthly Benefit
- VRS-78 Authorization to Deduct Insurance Premiums and Application of Health Insurance Credit
ACPS Supplemental Retirement
1. When can I retire under the ACPS Supplemental Retirement Plan?
You may retire with ACPS supplemental retirement benefits as early as age 50 if you have completed 30 years of service. For more detailed information, please contact The Principal Financial Group at 1-800-547-7754 to discuss your options. Your application may be submitted to the Principal Group no earlier than 180 days prior to your retirement date.
2. How much will my retirement payments be?
- Contact the Principal Financial Group at 1-800-547-7754 to request an estimate of all your retirement payment options; or
- You can also visit the Principal website to obtain information regarding your benefits. You will need to have the contract number (4-35557) in order to register on this site to log in and set up a password in order to view your account information.
- Principal Login Instructions (PDF)
3. What do I need to do if I want to retire under the ACPS Supplemental Retirement Plan?
If you are a member of the ACPS Supplemental Retirement Plan, contact The Principal Financial Group at 1-800-547-7754 to request an estimate of all your retirement options and to obtain the retirement application forms required. When forms are received, follow directions and complete your portion, and request the Plan Sponsor section be completed by an ACPS Human Resource Benefit Staff Member.
- Mail the completed retirement package, including the completed Plan Sponsor section, directly to the Principal Financial Group; or
- Schedule a meeting (contact 703-619-8010 or email@example.com) with an ACPS Benefits Staff member and have your completed forms reviewed and request the completed package be sent to the Principal Financial Group.
Health and Life Insurance after Retirement
1. Can I continue my health insurance when I retire and what is the cost?
If you are enrolled in health insurance the fiscal year prior to your retirement, you may continue the same insurance as a retiree. For details, please refer to the Retiree Benefits Summary. In order to continue your health insurance, you must complete the Retiree Benefits Enrollment Form. You may schedule a meeting with an ACPS Benefits staff member (703-619-8010 or firstname.lastname@example.org) to review your options and discuss the details of benefits available in retirement.
2. Can I continue my life insurance when I retire?
You may continue your Basic Group Life Insurance coverage at no cost to you provided you meet the eligibility requirements under your retirement plan. For more details regarding your life insurance in retirement, visit the VRS website or contact VRS at 1-888-827-3847 and Securian Financial at 1-800-441-2258.