Virginia Retirement System (VRS)

VRS logo

Full-time employees are eligible and automatically enrolled in the Virginia Retirement System (VRS) as a condition of employment.  All VRS members will contribute 5% of their salary to the Virginia Retirement System.  Your plan determines where that 5% goes.  Plan 1 and Plan 2 members contribute 5% to the VRS defined benefit (pension) plan.  Hybrid members contribute 4% of their salary to the defined benefit plan and 1% of their salary goes to a defined contribution plan (retirement savings/investment fund).

Do you know your VRS retirement plan?

Effective January 1, 2014, a new retirement plan was added to the already two existing plans. The three VRS retirement plans are Plan 1, Plan 2, and the Hybrid Retirement Plan. The VRS Plan Comparison Guide provides a look at some of the similarities and differences among the three plans. The Hybrid Retirement Plan will apply to most employees hired on or after January 1, 2014. The plan designation is based upon your VRS membership date. Returning inactive VRS members who have not taken a refund will return to the retirement plan they were enrolled prior to their separation date. Returning inactive VRS members who have taken their VRS refund will be automatically enrolled in the Hybrid Plan.
 money man

What is the Hybrid Plan?

The VRS Hybrid Retirement Plan combines the features of a defined benefit plan, which pays a monthly retirement benefit based on age, total service credit and average final compensation, and a defined contribution plan, which provides a retirement benefit based on contributions and the investment performance of those contributions. If you have questions related to the VRS hybrid plan, you may contact the Hybrid Retirement Plan Support Team at 1-855-291-2285 or email vrshybridsupport@varetire.org.

The defined contribution component which is the investment portion of your plan, is with ICMA-RC. Enrollment and maintenance of your account will be administered by ICMA-RC. Investment options, retirement plan handbook, forms, etc. may be viewed on the Virginia Retirement website

VRS Hybrid Plan Features and Highlights Brochure (PDF) can provide a basic overview of the Hybrid plan.
 
Visit the VRS Hybrid video webpage for an educational video series to understand your Hybrid plan.

Small Changes Now Can Pay Off Later


Voluntary contributions are a key component of retirement savings for hybrid members:

You receive a match from your employer. If you invest in the defined contribution component of your Hybrid Retirement Plan (up to 4 percent per month), your employer matches a portion of that contribution (up to 2.5 percent).

You reduce your taxes. Your funds are tax-deferred until you withdraw them.

You invest your contributions and your employer’s contributions to potentially earn more money.

You can increase the percentage of your voluntary contribution amount to be effective at the beginning of each quarter.

Start today! Visit the account log-in page or call Investor Services at 1-877-327-5261 and select option 1 to start or increase your voluntary contributions.

 


 

Contact VRS
Contact IRCCMA-
Toll-Free Telephone Number: 1-855-291-2285
TDD: 804-289-5919

Email:
Plan 1 & 2 members:member-info@varetire.org
Hybrid plan members:  vrshybridsupport@varetire.org

Important email notice: Do not send personal or confidential information, such as your Social Security number, by email. VRS will send only non-confidential replies.

VRS Retirement Counseling Center: 1111 East Main Street in downtown Richmond

VRS Administrative Offices: 1200 East Main Street in downtown Richmond

Mailing Address: P.O. Box 2500, Richmond, VA 23218-2500
Website: www.varetire.org/hybrid

Create account:
Toll-Free Telephone Number: 1-877-327-5261 – select Option 1
TDD: 804-289-5919
ICMA-RC Virginia Service Center: 919 E. Main Street, Richmond, VA 23219
Mailing Address: 777 N. Capitol St. NE, Suite 600, Washington, D.C., 20002
 
Your local ICMA-RC Defined Contribution Plans Retirement Specialist is available to assist you with the Commonwealth of Virginia’s Retirement Plans, understanding your investment options and managing contributions and managing and developing a strategy for your retirement.

Steven Scott, Northern Virginia
855-553-3088
703-787-7607

Life Insurance

  • Accidental Death and Dismemberment benefits;
  • Group Life Insurance - two (2) times your annual salary, paid for by PWCS;
  • Optional Life Insurance - Employees may elect to purchase 1, 2, 3, or 4 more times their salary.

Beneficiaries

Beneficiaries for your retirement and life insurance are set up in order of precedence. Upon the death of the employee, the benefits will automatically go in order of precedence; i.e., spouse, child(ren), parents, siblings, etc. If beneficiaries are other than the immediate family, the employee will need to indicate their preference by completing a Beneficiary Change Form (PDF). If order of precedence is acceptable, NO FORM IS REQUIRED.

Purchasing Prior Service

You may be able to increase your benefit by purchasing prior military, federal, state, and/or local public service credit. Prior service is a period of service that has not been credited to your VRS service record because it is not covered by VRS, or it was covered service for which you took a refund. Some prior service needs to be purchased within the allocated time or the cost will be greater to the member. Refer to the VRS handbook online regarding specific information. Contact Kristin Brittigan in the Office of Benefits for assistance with this process at 703.791.8772. 

Part-time employees are not eligible for VRS benefits.    

VRS Forms and Information