Understanding VRS Retirement

This retirement video is geared toward School employees who are planning to retire within the next five years. The four types of retirement options will be examined and group life insurance as it relates to retirement will be discussed.

Note: the CBO does not manage VRS benefits for City employees, and VRS eligibility for certain City employees may be different than the information provided here. City Payroll manages this benefit for City employees (757.385.4301).

Videos on this channel are managed by The Virginia Beach Consolidated Benefits Office. Publicly accessible information from our office can be found at www.BenefitsAtTheBeach.com.

0:00 - Introduction Overview
2:54 - Retirement Plan Comparison
6:25 - When Can I Retire?
9:34 - Retirement Benefit Options
10:14 - Basic Benefit
10:56 - Survivor Option
11:59 - Advance Pension Option
15:02 - Partial Lump-Sum Option Payment
20:26 - Applying for Service Retirement
22:05 - Life Insurance
24:37 - VRS Health Insurance Credit
27:42 - Taxes on Benefits
28:21 - Attachments to Retirement Benefits
29:02 - Cost-of-Living Adjustments
29:49 - Purchase of Prior Service
30:16 - Retiree Health Insurance
32:24 - Leave Payout
35:24 - VBCPS Retirement Savings Plans
37:20 - Working After Retirement
38:28 - Review Your VRS Record
38:58 - Resources