All full-time, salaried classified employees are enrolled in the Virginia Retirement System when employed. Retirement benefits are determined by years of service and the average of the highest 36 consecutive months of salary. At retirement, several annuity options are available. Five years of service is required to be vested.
Full contribution is paid for the employee by the state.
The earliest an employee can retire is age 50 with at least 10 years of service credit. Full annuity benefits are available upon attaining 30 years of service and age 50, or upon attaining age 65. Optional retirement plans are defined contribution plans. Individuals participating in an ORP are immediately vested. Employees may change from one ORP company to another once a year during an open enrollment period.