No tax paid until distribution in the form of a refund or pension benefits. Taxation may be avoided if rollover is available. No tax paid until distribution. Taxation may be avoided if rollover is available. Participation may continue at both public and private colleges, universities, and private independent schools in VA and other states.
Risk varies according to investment options chosen.
Eligibility for Benefit Payout Age 55 with 5 years of service or age 50 with 10 years of service produces an actuarially reduced benefit. Full benefit at age 50 with 30 years service or at age 65 with 5 years service. May begin receiving benefits at termination of employment, regardless of age. Amount of benefit is determined by contributions plus earnings and losses on account. Transfers among funds may be made.