Separation from Employment
Exit Questionnaire for Teachers Code of Virginia 22.1-23.1
The Department of Education shall administer such questionnaire to each teacher who ceases to be employed by the relevant school board for any reason and collect, maintain, and report on t;he results of each such questionnaire in a manner that ensures the confidentiality of each teacher's name and other personally identifying information.
Congratulations! You are either thinking about retirement or have made the decision to retire!
While this is a very exciting time, we recognize that not knowing exactly what to do can be overwhelming. So, we have provided helpful information below to assist you with this process.
Important Steps
1. Call our office at 276-988-5511 ext. 2290 to request a Retirement Packet.
2. Log in to your myVRS and review the benefit payout options that are available to you. To access your myVRS account, visit the Virginia Retirement System website and click on myVRS in the left-hand corner of the home screen.
3. Follow the directions on the "Retirement Checklist" to help you navigate through the process. Also take a moment to look through the VRS "Getting Ready to Retire" Guide.
Your paperwork must be completed no later than three months prior to your retirement date. It takes VRS 90 days to process a retirement application. You can call our office and set up an appointment to complete the packet together. We will review your completed forms and submit them to the Virginia Retirement System.
Important Information
Do not sign and date your paperwork earlier than 120 days prior to your retirement date.
Include a copy of your birth certificate and/or passport. If you have elected a Survivor Option payout, please also include a copy of your survivor's birth certificate and/or passport.
Virginia Retirement System Forms to Complete
Application for Service Retirement VRS-5
Request for Income Tax Withholding VRS-15
Authorization for Direct Deposit of Monthly Benefit VRS-57
Request for Health Insurance Credit VRS-45 – for retirees with 15 or more years of VRS service
Designation of Beneficiary VRS-2 - to designate more than 3 beneficiaries, a continuation form, the VRS-2A, is also required.
Designation of Beneficiary – Continuation VRS-2A
VRS Reference Guide (Education).docx.pdfTERMINATION OF BENEFITS
RETIREMENT & DISABILITY PROGRAMS
Health Insurance: All coverage automatically continues through the last day of the month in which your employment is terminated. If your separation is at the completion of your contract year your coverage may continue for a longer period of time.
VRS 457: Deductions will continue through your last paycheck, unless you have requested a change in the month prior to your last paycheck. For all account information after termination, please call the Plan Information Line at 1-877-327-5261 or view your account online at www.varetire.org and click on “Defined Contribution Plans.”
Optional Life Insurance: Your optional life continues through the last day of the month in which your employment is terminated. You may convert your optional life insurance, and dependent life insurance, to an individual policy within 31 days of the life insurance termination date.
Long Term Disability Insurance: Your LTD Insurance will continue through your last day of work.
VRS Employee Contributions: Your VRS Employee Contributions will continue through your last day of work