Defined Benefit Plan
The defined benefit plan administered by VCERA (“Plan”) is qualified under Section 401(a) of the Internal Revenue Code. The Plan provides a lifetime retirement benefit when you meet certain eligibility requirements. You participate in VCERA by contributing a portion of your salary each pay period. Your employer also contributes on your behalf. The paid contributions are invested by VCERA, under the direction of the Board of Retirement, to provide benefits to present and future members. The contributions in your retirement account do not determine the amount of the benefit VCERA pays to you in retirement. Rather, VCERA benefits are based on a formula defined by law and discussed throughout this website.