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:
- See the detailed Plan Comparison Guide
- Visit the VRS Website
- Checkout the VRS Member Guide
Resources
- VRS Home Page – Get an estimate of your future retirement benefits and view your Member Benefit Profile.
- VRS Forms
- Henrico County Retirement Planning
- VRS Member News – a monthly newsletter
To receive the newsletter directly each month, subscribe here. - Contact VRS: 1-888-VARETIR or www.varetire.org
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:
- VRS Hybrid Retirement Plan Features and Highlights
- VRS Hybrid Account Access
- VRS Hybrid Contributions Illustration
- VRS Features & Benefits Series – a six-part video series provides an overview of your Hybrid Retirement Plan
- Defined Contribution Learning Opportunities – contact a defined contribution plan specialist, register for a group seminar or one-on-one consultation, and register for live webinars to learn more about the VRS Hybrid Retirement Plan.
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.
Contact Steve McGregor, our Voya DC Plans Education Specialist
612-217-9505
[email protected]
Schedule a meeting today!
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