If an employee does not have five years of compensation from January 1, 2004, such employees compensation for a sufficient number of years immediately prior to 2004 is included to produce a minimum five compensation years. There are two formulas for computing benefits under the Pension Plan.The normal retirement formula is used for employees who qualify for early retirement under the Pension Plan upon termination, by being credited with at least 10 years of service with VF and having attained age 55.here are two formulas for computing benefits under the Pension Plan. The normal retirement formula is used for employees who qualify for early retirement under the Pension Plan upon termination, by being credited with at least 10 years of service with VF and having attained age 55.
Waiving Retirement Pay for VA Benefits. A member who waives his or her retired pay in order to receive VA compensation or a pension may benefit for these reasons: 1  VA benefits are nontaxable income for federal, state, and local income taxation. 2  VA benefits may exceed the retired pay entitlement.
Frequently Asked Questions. Q. What is the Non-Service Connected VA Pension for veterans? A. The Non-Service Connected VA Pension is a benefit paid to wartime veterans who have limited or no income and who are age 65 or older, or, if under age 65, who are permanently and totally disabled. Veterans who are more seriously disabled may qualify for Aid and Attendance or Housebound benefits.