These increases will be reflected in the benefit payments scheduled to be distributed July 29, 2022. Retirement Systems Retiree Cost of Living Increase - 7/1/21 CONTACT INFORMATION: Our office is open 8:00 AM - 4:30 PM M-F/ Closed between 2:00 PM - 3:00 PM M-F / Walk-ins 11:00 AM - 2:00 PM M-F 12015 Lee Jackson Memorial Highway, Suite 350 Fairfax, VA 22033 Retiree Cost of Living Increase - 7/1/21 To our retirees: Know the rules and impact on your retirement benefit before you return to work. WebCOLA Download COLA The purpose of the Cost of Living Adjustment (COLA) is to ensure, as much as possible, that the value of compensation benefits paid under the Virginia This "automatic" COLA is equal to the CPI increase up to a maximum of 4.0%. Learn More Direct Deposit Schedule Your annual calendar of benefit payment dates. Web2022 Cost of Living Adjustment COLA Based on the increase in the Consumer Price Index, there will be a 5.9 percent Cost of Living Adjustment (COLA) for most retired pay and Survivor Benefit Plan annuities, and the Special Survivor Indemnity Allowance (SSIA), Explore resources just for members that have already retired. %PDF-1.6 % %%EOF Already Retired If a member retires with a reduced benefit with less than 20 years of service credit, the COLA will go into effect on July 1 after one calendar year following their unreduced retirement eligibility date. Apply Online Log in The VRS and myVRS logos are registered trademarks of the Virginia Retirement System. For the defined contribution component, members are eligible to receive distributions upon leaving employment, subject to restrictions. Watch this video. Summary of Actuarial Valuations for Statewide, Political Subdivision and OPEB Plans, Funded Status Market Asset Basis VRS Overall, Actuarial Valuation Presentation for Statewide and OPEB Plans, Actuarial Valuation Presentation for Political Subdivisions, HIC, VLDP and VSDP. Under this plan, the retirement benefit is based on age, service credit and average final compensation at retirement using a formula. Helping members plan for tomorrow, today. Prior service credit counts toward vesting, eligibility for retirement and the health insurance credit. Upon retirement or leaving covered employment, members are eligible to withdraw a percentage of employer contributions. 2022 The reports are also a resource for complying with Governmental Accounting Standards Board Statements No. Governmental Accounting Standards Board (GASB), Commonwealth of Virginia (COV) Voluntary Group Long-Term Care Insurance Program, Virginia Sickness and Disability Program (VSDP), Workforce Transition Act (State Employees), COLA Increases Take Effect July 1 for Eligible Retirees. The increase is effective with your July benefit payment. Counseling Center 1-888-827-3847 Visit the VRS Newsroom for news releases. Funding for the statewide plans is subject to the state budgeting process.
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