Virginia Retirement System (VRS)

The Virginia Retirement System (VRS) administers retirement plans, life insurance plans, and related services for its active members. Eligible members include full-time salaried, permanent employees of the Commonwealth of Virginia, participating local cities, towns, political subdivisions, and all Virginia school boards. Henrico County participates in the Virginia Retirement System and pays the employer contribution of an eligible employee’s salary. VRS members are “vested” when they have five years of VRS service credit. Employees pay 5% of their creditable compensation each payroll and the County pays the employer contribution required for VRS membership.

There are three VRS Plans. Your plan is determined by your membership date and your position. Login to your myVRS account to find out what plan you are in.

For detailed information and resources for each plan:

Resources

Purchase of Prior Service

You may be able to increase your VRS benefit by purchasing prior service credit. Prior service is a period of service that has not been credited to your VRS service record because it was not covered by VRS or it was covered service for which your previously took a refund. Because the amount of your benefit is based on your years of service credit, purchasing prior service credit can increase your monthly retirement benefit. VRS allows eligible members to purchase time for: certain leaves of absence, non-covered service with a participating employer, public service, active duty military service, and VRS refunded service. The cost and time frame to purchase this service is based on whether you are in Plan 1, Plan 2, or the Hybrid Plan. For more information on purchasing prior service, visit the VRS purchase of prior service Web page. To initiate a purchase of prior service, contact HR Benefits.

Deferred Compensation for Hybrid Plan Members

As a member of the VRS Hybrid Plan, you can contribute up to 4% of your salary into the VRS Hybrid 457 Deferred Compensation Plan. Hybrid Plan members will receive matching employer contributions up to 2.5%. Maximizing contributions to the Hybrid 457 Deferred Compensation Plan will be important to provide a meaningful retirement benefit.

You can also consider contributing to the County’s 457 Deferred Compensation Plan. This would usually be done after you have reached the maximum annual contribution for the Hybrid 457 Deferred Compensation Plan.

VRS Hybrid Plan Member Resources:

New for 2025: VRS has selected Voya Financial® to serve participants* in VRS Defined Contribution Plans (DCP).

Voya will succeed MissionSquare Retirement, whose contract ends in 2024. Voya is a leading health, wealth and investment company that helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. No action is required for participants at this time.

Beginning January 1, 2025, Voya will assume record-keeping responsibilities for these VRS plans:

  • Hybrid Retirement Plan (defined contribution component)
  • Hybrid Cash Match Plan 401(a)

Please visit dcp.varetire.org/transition for more information about the transition from MissionSquare Retirement to Voya. There is also a page dedicated to frequently asked questions: dcp.varetire.org/transition/faq.html/.

The transfer of Plan records from MissionSquare to Voya will happen automatically. Participants’ existing balances will remain invested, and their contributions will continue to be deducted automatically from their paycheck and invested in their account.

*Participant refers to DCP participants and members of the Hybrid Retirement Plan, which has a defined contribution component.

 VRS Hybrid Plan Member Resources:

VRS provides local DC Plans Education Specialists who can assist you with plan enrollment, account management, investment education and retirement planning. Whether you are just starting your career, nearing retirement or somewhere in between, you can benefit from the guidance and support of a local DC Plans Education Specialist. Note: DC Plans Education Specialists cannot provide financial, tax, or investment advice.


Voya DC Plans Education Specialist:
Steve McGregor
Education Specialist
612-217-9505
[email protected]

Speak with a Voya customer service associate Monday – Friday from 8 a.m. to 9 p.m., ET., excluding stock market holidays.

Voya Customer Service
877-327-5261
TDD: 800-579-5708