October Open Enrollment for Optional Retirement Plan for Higher Education

During the month of October, Optional Retirement Plan (ORP) participants may elect to change their ORP vendor. This period does not allow for a pension plan change from the ORP to VRS or from VRS to the ORP. Three providers are available to ORP participants: DCP, Fidelity Investments and TIAA. To change providers during Open Enrollment, please complete the Open Enrollment Provider Change Form (VRS-65P) and the enrollment … Continue reading October Open Enrollment for Optional Retirement Plan for Higher Education

VRS Hybrid Retirement Plan Auto-Escalation

The Hybrid Retirement Plan includes an auto-escalation feature that will automatically increase Hybrid members’ voluntary contributions by 0.5 percent every three years, beginning January 2017, and continuing until members reach the maximum 4 percent in voluntary contributions. Benefits of Voluntary Contributions Voluntary contributions allow members to accumulate savings on a pretax basis, increase savings through the employer match and work toward income replacement during retirement. … Continue reading VRS Hybrid Retirement Plan Auto-Escalation

VRS Hybrid Retirement Plan Auto-Escalation

The Hybrid Retirement Plan includes an auto-escalation feature that will automatically increase Hybrid members’ voluntary contributions by 0.5 percent every three years, beginning January 2017, and continuing until members reach the maximum 4 percent in voluntary contributions. Benefits of Voluntary Contributions Voluntary contributions allow members to accumulate savings on a pretax basis, increase savings through the employer match and work toward income replacement during retirement. … Continue reading VRS Hybrid Retirement Plan Auto-Escalation

VRS Hybrid Retirement Plan Auto-Escalation

The Hybrid Retirement Plan includes an auto-escalation feature that will automatically increase Hybrid members’ voluntary contributions by 0.5 percent every three years, beginning January 2017, and continuing until members reach the maximum 4 percent in voluntary contributions. Benefits of Voluntary Contributions Voluntary contributions allow members to accumulate savings on a pretax basis, increase savings through the employer match and work toward income replacement during retirement. … Continue reading VRS Hybrid Retirement Plan Auto-Escalation

2016 Member Benefit Profiles are Ready

The 2016 Member Benefit Profiles (MBPs) for Plan 1 and Plan 2 employees enrolled in the Virginia Retirement System (VRS) are now available in MyVRS. The MBP is your annual benefit statement based on information reported to VRS as of June 30, 2016. Employees can log in or register for access to their VRS accounts through MyVRS at http://myvrs.varetire.org/. Important: VRS released a new version of MyVRS … Continue reading 2016 Member Benefit Profiles are Ready

2016 Member Benefit Profiles Are Ready

The 2016 Member Benefit Profiles (MBPs) for Plan 1 and Plan 2 employees enrolled in the Virginia Retirement System (VRS) are now available in MyVRS. The MBP is your annual benefit statement based on information reported to VRS as of June 30, 2016. Employees can log in or register for access to their VRS accounts through MyVRS at http://myvrs.varetire.org/. Important: VRS released a new version of MyVRS … Continue reading 2016 Member Benefit Profiles Are Ready

2016 Member Benefit Profiles Are Ready

The 2016 Member Benefit Profiles (MBPs) for Plan 1 and Plan 2 employees enrolled in the Virginia Retirement System (VRS) are now available in MyVRS. The MBP is your annual benefit statement based on information reported to VRS as of June 30, 2016. Employees can log in or register for access to their VRS accounts through MyVRS at http://myvrs.varetire.org/. Important: VRS released a new version of MyVRS … Continue reading 2016 Member Benefit Profiles Are Ready

New Retirement Education Seminars Focus on Career Stages

This spring VRS will debut an expanded Retirement Education Seminar program designed to provide valuable guidance and resources to employees at all career stages — from millennials to new retirees. The seminars are conducted by industry experts and offered at sites throughout the Commonwealth. Employees can register for the seminars on the Education and Counseling page on VRS’ website. Two new additions to the seminar lineup … Continue reading New Retirement Education Seminars Focus on Career Stages

VRS Education and Counseling Resources Available Online

VRS offers a comprehensive educational program to help employees understand the VRS benefits and to prepare for retirement. Training information is available via in-class sessions, webinars and e-learning presentations. Schedules of available VRS Education and Counseling can be found at online. Offerings are continuously updated so check back at the site frequently. Additional sources of retirement information can be found in VRS member handbooks. Handbooks … Continue reading VRS Education and Counseling Resources Available Online

Changes Coming to Purchase of Prior Service (PPS)

Beginning January 1, 2017, purchase of prior service provisions will change, simplifying the purchase process and ensuring that the purchase cost more closely reflects the actual cost of providing the additional benefit in retirement. What does that mean for you? Purchasing service now may save you money. Changes may increase the cost of purchasing service credit for some types of service. There will be limits … Continue reading Changes Coming to Purchase of Prior Service (PPS)

Changes Coming to Purchase of Prior Service (PPS)

Beginning January 1, 2017, purchase of prior service provisions will change, simplifying the purchase process and ensuring that the purchase cost more closely reflects the actual cost of providing the additional benefit in retirement. What does that mean for you? Purchasing service now may save you money. Changes may increase the cost of purchasing service credit for some types of service. There will be limits … Continue reading Changes Coming to Purchase of Prior Service (PPS)

VRS Provides Purchase of Prior Service Planning Resources

Effective January 1, 2017, purchase of prior service provisions will change. Under the new provisions, the cost of purchasing prior service may increase. If you have service to purchase, you may want to compare the cost of purchasing now against that of waiting until January 2017. VRS has developed resources to help you in making your decision. Go to your myVRS account and click on the … Continue reading VRS Provides Purchase of Prior Service Planning Resources

VRS Online Member Benefit Profiles Available

The 2015 Member Benefit Profiles (MBPs) for employees in VRS Plan 1 and VRS Plan 2 are now available through myVRS. VRS employees not yet registered in myVRS must first go to www.varetire.org and click on the myVRS link to complete the registration process for account access. The MBP is your annual VRS benefit statement based on information reported to VRS as of June 30. It provides account … Continue reading VRS Online Member Benefit Profiles Available

VRS Education and Counseling Seminars Scheduled at NOVA

A VRS representative will be presenting two retirement seminars May 27 at the Annandale Campus. Registration is required and can be completed by visiting www.varetire.org/members/education. Sessions are designed to educate participants about VRS membership and the importance of planning now for the future. Information will also be presented on the psychological adjustment of retirement, mid- and long-range financial planning, estate planning, and legal readiness for retirement. Continue reading VRS Education and Counseling Seminars Scheduled at NOVA

VRS Member Benefit Profiles Available Online

Your 2014 Virginia Retirement System (VRS) Member Benefit Profile is now available online. The Member Benefit Profile (MBP) is an annual statement of your retirement account based on information reported to VRS as of June 30, 2014. The document provides account balance information, retirement, group life and health insurance credit eligibility and helps you chart your retirement strategy. To view your MBP, go to www.varetire.org/myVRS to log in … Continue reading VRS Member Benefit Profiles Available Online

VRS Transitions to New Record Keeper for 457 Plan

In January 2014, VRS will change record keepers from ING to ICMA-RC for the Commonwealth of Virginia 457 Deferred Compensation Plan. ICMA-RC was founded in 1972, serving approximately 9,000 public-sector plans and more than 1 million participant accounts, with $46 billion in assets. ICMA-RC currently serves more than 140 political subdivision employers in Virginia. Visit http://www.icmarc.org for more information. During the transition’s blackout period from … Continue reading VRS Transitions to New Record Keeper for 457 Plan

VRS Transitions to New Record Keeper for 457 Plan

In January 2014, VRS will change record keepers from ING to ICMA-RC for the Commonwealth of Virginia 457 Deferred Compensation Plan. ICMA-RC was founded in 1972, serving approximately 9,000 public-sector plans and more than 1 million participant accounts, with $46 billion in assets. ICMA-RC currently serves more than 140 political subdivision employers in Virginia. Visit http://www.icmarc.org for more information. During the transition’s blackout period from … Continue reading VRS Transitions to New Record Keeper for 457 Plan

VRS Member Newsletter Now Available

The summer 2013 edition of Member News, with the latest VRS benefit information, is now available. To view the entire issue, please go to www.varetire.org/mnews. Member News is a quarterly benefits newsletter for VRS Members. All VRS members are strongly encouraged to subscribe to Member News by clicking on the Sign-up Now link at the top of the newsletter. By subscribing, notification of the posting … Continue reading VRS Member Newsletter Now Available

October Is Open Enrollment Month for Optional Retirement Plan Participants

October is open enrollment month for participants of the Optional Retirement Plan (ORP) for Higher Education (ORPHE). Through October 31, ORP participants may switch from one ORP provider to the other with contributions to the new provider beginning January 2013. Open enrollment documents can be found on the VRS website at www.varetire.org. Open enrollment change request forms must be received in Human Resources by 5:00 … Continue reading October Is Open Enrollment Month for Optional Retirement Plan Participants

VRS Member Benefit Profiles Now Available

The Member Benefit Profile is a valuable document that can help participants in the Virginia Retirement System (VRS) plan for retirement. The 2012 Member Benefit Profiles (MBPs) for Plan 1 employees are now available in myVRS. Plan 1 employees are those employees hired on or after July 1, 2010, or who have an active VRS account as of that date. Employees must first log in … Continue reading VRS Member Benefit Profiles Now Available

Non-Vested Plan 1 Employees

Because plan provisions will change for Plan 1 employees who are not vested by January 1, 2013, the Member Benefit Profiles for these employees do not include retirement projections but do provide a summary of other information from their member records. For more information about changes affecting non-vested Plan 1 employees to take effect January 2, 1013, please go to www.varetire.org and click on the … Continue reading Non-Vested Plan 1 Employees

2011 VRS Member Benefit Profiles Now Available Online

Get a glimpse of your future by looking up your 2011 Member Benefit Profile (MBP) through myVRS. The MBP is your annual retirement benefits statement as of June 30. Your statement is a valuable retirement planning tool. It shows you where you are now and what your benefits could look like in retirement, including: • Your earliest unreduced and reduced retirement eligibility dates and estimated … Continue reading 2011 VRS Member Benefit Profiles Now Available Online