CONGRATULATIONS ON YOUR RETIREMENT!
Here is Some Information to Help You As You Enter Retirement
Your Monthly Retirement Benefit
Your monthly retirement payment is also known as a benefit payment or an annuity. These payments are made by direct deposit on the last business day of every month. Your monthly payment statement is called a Pay Advice. You can access your pay advice though MyRetirement. Paper pay advices are mailed in January, July, and December. In January, Form 1099R will be mailed to your address of record for you to file your tax return.
Your first benefit payment may be more or less than you expected. Several factors will affect your first monthly benefit payment including the actual date of retirement, exiting from DROP, and health, dental, and life insurance elections.
Annual Leave Payout
For County retirees, your annual leave payout is from Human Resources (HR) and is usually processed 2 weeks after your last pay.
Cost of Living Adjustments (COLAs)
As a retiree or participant in DROP, you will receive a cost-of-living adjustment (COLA) as a percent increase in your monthly benefit or DROP contribution. COLAs are effective each July. Click on COLA for more Information. The yearly COLA is based on the Consumer Price Index (CPI-U) for the 12 months ending March 31 each year reported by the Bureau of Labor Statistics.
Pre-Social Security Benefit (Pre-SSB)
The Pre-SSB that may be included in your monthly benefit payment ends when you are eligible to receive full Social Security benefits regardless of when you choose to apply. Receiving Social Security benefits does not affect your county retirement base benefit. Retiree Services will notify you through the U.S mail 60 days before the Pre-SSB expires.
Retirement Account Information
To see your retirement information log into - MyRetirement (Web Member Services) to see:
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As a Retiree |
As a DROP Participant |
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Taxes
The Form 1099R is mailed mid-January. Click on Frequently Asked Questions related to your 1099R.
Changing Your Address
To update your address, please complete - Change of Address for GENERAL COUNTY Retirees and send it to the Retirement Systems office. If you are a Schools Retiree, use the Change of Address for SCHOOL Retirees and send it to the Retirement Systems office. Remember, the only state tax we withhold is for Virginia.
Changing Beneficiary Information
- To change your beneficiary for your retirement balance, please complete and submit a completed Beneficiary Change Form to our office, but keep in mind that you may not have an account balance if your contributions have already been paid out to you.
- To confirm or change your beneficiary for life insurance or for any question you may have about life insurance, contact the County's or Schools' Human Resources Department.
Changing Your Direct Deposit Information
To change where your benefit is being deposited, please fill out a Direct Deposit or a Secondary Direct Deposit form and submit it to our office.
Changing Your Tax Withholding
To change your tax withholding, please submit a Form W-4P for federal and a Form VA-4P for Virginia.
Remember, the only state tax we withhold is for Virginia.
If You Divorce
How do you change the J&S option in the event of divorce? This option is irrevocable for PORS. For URS and ERS, you need a court order with specific wording. Please review QDRO Guidelines.
DROP Exit Worksheets
Can you explain the DROP Exit Worksheets to me? Yes. Please call your Payroll Specialist. Click here for contact information.