Virginia Property Insurance Association

Handbook Insurance Pension Plan 401K Savings Plan PTO Request Form Quote View Policyholder Data Submit Online Application Submit Continuation Application Pending Web Applications Request Policy Change Update Producer Data View List of Policyholders Report a Claim Applications & Supplements Policy Forms Manuals Helpful Tools Newsletters Continuing Education Dwelling Commercial Condo Unit Owner Saved Quote Billing Information Declarations Page Dwelling Commercial Dwelling Commercial Status of Application Revise Application Reprint Application Request an Endorsement Update Mortgagee Clause Request A Cancellation Dwelling Application Commercial Application Supplemental Applications Dwelling Forms Commercial Forms Manual of Operations Dwelling Manual Commercial Manual Report a Claim Contact My Claims Adjuster Make a Payment Find an Agent Directions to Office Request Information Checking Account Credit Card About Us Contact Us Directions to Office Privacy Policy Industry Links Alternative Markets Other Fair Plans

Pension Plan

Summary Plan Description

The Virginia Property Insurance Association maintains at no cost to the employee a defined benefit pension plan administered by Prudential Financial.

The plan provides retirement income based on your earnings and service with the Association.  The benefits under the plan are supplemented by those that you are entitled to under the Federal Social Security Program, and any contributions you may have made to the 401(k) Savings Plan.  The plan is currently funded through Mellon Bank.  Certain benefits under the plan are insured by the Pension Benefit Guaranty Corporation.  Your retirement plan is a valuable component of your benefits package.  You are urged to read the Retirement Plan benefits book published by Prudential and keep it with other benefit documents for easy reference.

Your normal retirement age is 65.  Your normal retirement date is determined to be the first day of the month on or after your retirement of age 65.  Pension benefit payments begin on your retirement date and continue as long as you live.
You may, however, chose to retire as early as age 55, if you have completed at least 15 years of service.  If you retire prior to age 62 your accrued pension will be reduced to reflect the longer period over which you will receive your pension benefit.  If you elect to retire after attaining the age of 65, you will continue to accrue benefits up to your actual retirement date.

You are 100% vested in your accrued pension benefits after 5 years of service, or 4 years and 1,000 hours as defined by the plan.

You have a number of retirement income options and are encouraged to read and become familiar with the retirement plan benefits available.