Virginia Retirement System (VRS)
Full-time employees are eligible and automatically enrolled in the Virginia Retirement System (VRS) as a condition of employment.
Part-time employees are not eligible for VRS benefits.
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?
On 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.
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, plus 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 [email protected].
The defined contribution plan (DCP) is the investment portion of your plan. Enrollment and maintenance of your account will be administered by MissionSquare Retirement. You can register with their system DCP Account Access to make changes to your voluntary contributions to the Hybrid 457 plan Investment options, retirement plan handbook, forms, etc. may be viewed on the VRS Hybrid Publications page
Visit the VRS Hybrid video webpage for an educational video series to understand your Hybrid plan.
| Contact VRS - For All VRS Plan Members | Contact MissionSquare Retirement - For Hybrid Plan Members |
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Website: www.varetire.org Toll-Free Telephone Number: 1-855-291-2285 TDD: 804-289-5919 Email:
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 E Main St. in downtown Richmond VRS Administrative Offices: 1200 E Main St. in downtown Richmond Mailing Address: P.O. Box 2500, Richmond, VA 23218-2500 |
Website: www.varetire.org/hybrid Create account: DCP Account Access Toll-Free Telephone Number: 1-877-327-5261 - select Option 1 TDD: 804-289-5919 Email: [email protected] MissionSquare Retirement Virginia Service Center: 919 E Main St., Richmond, VA 23219 Mailing Address: 777 N. Capitol St. NE, Suite 600, Washington, DC, 20002 Your local MissionSquare 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: |
Life Insurance
- Your VRS Plan includes basic Group Accidental Death and Dismemberment benefits at two times your annual salary, paid for by PWCS
- Employees may elect to purchase 1, 2, 3, or 4 more times their salary in Optional Life Insurance
- Visit the PWCS Life Insurance page or the VRS Website for more information.
Beneficiaries
You can indicate your beneficiaries for the VRS Member Benefit account (pension) and life insurance by logging in to MyVRS and select the Manage My Benefits tab.
To indicate your beneficiaries for the Defined Contribution Plans (DCP) , you must log into your account with MissionSquare Retirement through the DCP Account Access Portal.
It is essential to make sure you update your beneficiaries if you have life changes, such as marriage or divorce to assure your benefits are paid to the person(s) you wish.
If beneficiaries are not indicated, upon the death of the employee, the benefits will automatically go in order of precedence in the state of Virginia - spouse, child(ren), parents, siblings, estate.