Virginia Retirement System (VRS) Plans
Eligible Employees
In addition to Social Security, contributions will be made for you to a Virginia Retirement System (VRS) plan. The VRS plan that you are eligible to participate in is based on your hire date.
VRS Hybrid Plan (for employees hired on or after January 1, 2014 with no prior state service)
This is a combination of a defined (or fixed) benefit retirement plan and defined contribution (or 401k-like) plan. Members must have at least five years of service and have attained age 60 to retire early with reduced benefits. To receive full benefits, the member must be of social security age and have at least five years of service credit or when age and service credit equal at least 90. The benefits received under the defined benefit portion of the plan are determined by salary, length of service, age at retirement, and the retirement income option selected (e.g., survivorship, partial lump-sum optional payout). The benefits received under the defined contribution portion of the plan are determined by the contribution level and fund performance over time. More information about the VRS Hybrid Plan can be obtained at the VRS website.
VRS Plans 1 and 2 (for employees hired prior to January 1, 2014)
This is a defined (or fixed) benefit retirement plan. Members must have at least five years of service and have attained age 60 to retire early with reduced benefits. To receive full benefits, the member must be of social security age and have at least five years of service credit or when age and service credit equal at least 90. The benefits received at retirement are determined by salary, length of service, age at retirement, and the retirement income option selected (e.g., survivorship, partial lump-sum optional payout). More information about VRS Plan 1 and VRS Plan 2 can be obtained at the VRS website.
Employee Contribution
Employees are required to make a 5% pre-tax contribution to their respective retirement plans. VRS Hybrid participants are eligible to contribute up to 9% to their retirement plan and receive an employer match of up to 2.5%. Call MissionSquare at 877-327-5261 or log into your Hybrid 457 Deferred Compensation Plan Account to start or increase your voluntary contributions.
VRS Hybrid Retirement Plan members who are saving less than the maximum 4% in voluntary contributions toward retirement will see an automatic increase of 0.5% effective January 1, 2020. Automatic increases occur every three years to help members save for retirement and increase savings through the employer match. Employees also have the choice to opt out of the auto escalation every three years.
Member News
As a member, you can also subscribe to Member News and have it sent directly to your email address. That means that you can read the latest news through your email account at home, at work or on the go with your mobile device. This gives you a chance to read about your benefits as soon as the newsletter is posted.
Online Access
The Virginia Retirement System now posts your annual benefit statement and Member Benefit Profiles using a secured account called myVRS. To view and print your Member Benefit Profile you must register with myVRS at myvrs.varetire.org/login/.
Beneficiary Management through myVRS
Members may now set up and update beneficiaries through myVRS for their defined benefit member account and group life insurance. Beneficiaries for optional group life insurance may also be managed in myVRS if the additional coverage has been elected. The online process saves time and eliminates the need to submit a paper form to VRS.
For defined contribution plans: VRS Hybrid Retirement Plan members and participants in the Commonwealth of Virginia 457 Deferred Compensation Plan should log in to MissionSquare's AccountAccess website to update beneficiary information for their defined contribution accounts.
