Every spring, employers typically face a wave of summer retirement applications.
To begin receiving benefit payments in a timely manner, members should apply for retirement at least 60 days, but not more than four months (120 days), before their desired retirement date. (Example: A member wishing to retire on July 1 should apply by May 1. The first benefit payment would be made on August 1 for the month of July.)
Follow these tips to ensure the process goes smoothly:
Certify Retirements as You Receive Them
You should certify all retirements through myVRS Navigator.
To certify retirements, go to the Organization menu option and select Retirement Certification. A screen in myVRS Navigator displays all retirements awaiting employer certification.
You should certify all pending retirements as you receive them, even if the retirement is dated for a future month. The bulk-certification feature speeds up the process if you have multiple retirements to process.
Our Employer Support Team can help ensure the right people in your organization have the right level of access to myVRS Navigator. To inactivate, add or replace administrative contacts, the Primary Administrative Authority must submit a new Authorization of Administrative Contacts (VRS-67A).
Online Retirement Is the Best Option for Most
Did you know it can take as little as 30 minutes for a member to submit their retirement application online via myVRS? Throughout the process, employees will find built-in counseling information, including videos and step-by-step guidance at key decision points.
Those who are eligible to retire online using myVRS will see the Apply Now button when they select Apply for Retirement in the Manage My Benefits drop-down menu. If they do not see the button, they will see a message instructing them to contact their employer to begin the retirement application process, or to call VRS at 888-827-3847 for more information.
Encourage employees to register for and use myVRS, which allows members to see, plan, track and manage their retirement and financial information in one secure, easy-to-use online place — helping employees make more informed decisions today that benefit their financial future.
The Applying for Retirement webpage provides members a breakdown of the process and includes links to required forms and helpful resources.
Counsel Employees About the Retirement Process
Employers play a crucial role as VRS partners in providing regular and timely counseling to VRS member employees as they prepare to retire, especially regarding individual employer benefits.
- Review the Service Retirement Checklist for Employers, designed to help you counsel employees about retirement.
- Members may also book one-on-one counseling appointments.
- Voya Financial’s local DC plan education specialists can assist members with retirement questions about their defined contribution plans.
- Members may also find our guide on leaving employment to be helpful, in addition to this retirement preparation guide from Member News.
VRS provides an array of live and recorded webinars to assist members with their retirement process. Bookmark the Education page and share it with your employees!
