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Virginia Retirement System Absolute Assignment  Form

Virginia Retirement System Absolute Assignment Form

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What is the Virginia Retirement System Absolute Assignment

The Virginia Retirement System Absolute Assignment is a legal document that allows a member of the Virginia Retirement System (VRS) to transfer their retirement benefits to another individual or entity. This assignment is often used in situations such as divorce settlements, where one party may need to assign their retirement benefits to their ex-spouse. The Absolute Assignment ensures that the assigned benefits are irrevocably transferred, providing security and clarity for both parties involved.

How to use the Virginia Retirement System Absolute Assignment

To use the Virginia Retirement System Absolute Assignment, the member must complete the form with accurate details regarding their retirement account and the recipient of the benefits. It is essential to provide the full name, address, and identification details of both the assignor and the assignee. After filling out the form, the member must sign it in the presence of a notary public to validate the assignment. Once notarized, the form should be submitted to the Virginia Retirement System for processing.

Steps to complete the Virginia Retirement System Absolute Assignment

Completing the Virginia Retirement System Absolute Assignment involves several key steps:

  • Obtain the Absolute Assignment form from the Virginia Retirement System's official website or office.
  • Fill in the required information, including personal details of both the assignor and assignee.
  • Review the form for accuracy and completeness.
  • Sign the form in the presence of a notary public.
  • Submit the completed form to the Virginia Retirement System via mail or in person.

Key elements of the Virginia Retirement System Absolute Assignment

Several key elements are essential when preparing the Virginia Retirement System Absolute Assignment:

  • Assignor Information: Full name, address, and VRS member number.
  • Assignee Information: Full name, address, and relationship to the assignor.
  • Retirement Benefits Details: Specific details about the benefits being assigned.
  • Notarization: A signature from a notary public is required to validate the assignment.

Legal use of the Virginia Retirement System Absolute Assignment

The legal use of the Virginia Retirement System Absolute Assignment is primarily for the transfer of retirement benefits under specific circumstances, such as divorce or legal settlements. It is crucial to ensure that the assignment complies with state laws and the regulations set forth by the Virginia Retirement System. Proper legal counsel is recommended to navigate any complexities involved in the assignment process.

Required Documents

When completing the Virginia Retirement System Absolute Assignment, specific documents may be required:

  • The completed Absolute Assignment form.
  • A copy of the court order or divorce decree, if applicable.
  • Identification documents for both the assignor and assignee.

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