Congratulations on your retirement!
Below is information to help you along the way.
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 December, January, and July. In January, form 1099R will be mailed to your address of record for you to file your tax return.
Annual leave payout is from HR and is usually 2 weeks after your last pay.
Your first benefit payment may be more or, less than you expected. Several factors will affect your first monthly benefit payment to include the actual date of retirement, exiting from DROP, health, dental and, life insurance elections.
Cost of Living Adjustments (COLA) - COLA can change every July 1st and is reflected in the July benefit payment and monthly DROP contributions. Click on COLA for more Information. 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.
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:
|
As a Retiree
|
As a DROP Participant
|
- View your payment history
- View your tax withholding
- View your other deductions
- View your 1099-R amounts
- View your direct deposit information
|
- View your DROP summary
- View your DROP statements
|
Taxes 1099Rs are mailed mid-January. Click on Frequently Asked Questions related to your 1099R.
Updates/Changes – these forms need to be filled out and submitted to our office. Information cannot be changed online. 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 Virginia state.
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.
Do you need to change where your benefit is going? Please fill out a Direct Deposit or a Secondary Direct Deposit form and submit it to our office.
To change your benefit deductions, please submit a
Remember, the only state tax we withhold is Virginia state.
Divorce - How do I 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.
Can you explain the DROP Exit Worksheets to me? Yes. Please call your Payroll Specialist. Click here for contact information.
Please contact HR to confirm or change your beneficiary for life insurance or for any question you may have about life insurance.
