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VIRGINIA RETIREMENT SYSTEM BENEFITS

 

Retirement Benefits

 

The Virginia Retirement System (VRS), an independent state agency, provides retirement and other benefits to covered Virginia public sector eligible employees. Go to varetire.org for information, forms, publications and access to your retirement information. Sign into “MyVRS” to look at your retirement information and run your own retirement estimates. If you need assistance, please call VRS at 888-827-3847.

 

Plan 1 and Plan 2

You have a Defined Benefit Plan (Pension), and the option to apply for Disability Retirement, if applicable.

 

Hybrid Plan

You have a Defined Benefit Plan (Pension), and two Contribution Accounts: 401a and 457. You can go online to varetire.org and view more information about your plan under the “Defined Contribution Plans” tab. For assistance, call VRS Defined Contribution Plans at 877-327-5261. Hybrid employees are eligible for Short-term and Long-term disability coverage after a year and one day of employment. VACORP manages this program and their toll-free number is 844-404-2111.

 

Life Insurance Benefits

 VRS-eligible employees will be covered for Group Life Insurance at no cost through Securian Financial/VRS.Group Life Insurance, as noted on VRS’ website:

 Natural death benefit: The natural death benefit is equal to your creditable compensation rounded to the next highest thousand and then doubled. Example: If your compensation is $41,400, that amount will be rounded to $42,000 and then doubled for a natural death benefit of $84,000.

 

Accidental death benefit: The accidental death benefit is double the natural death benefit. Example: If your natural death benefit is $84,000, that amount will be doubled for an accidental death benefit of $168,000.

 

Optional Life Insurance: You are also eligible to apply to purchase additional life insurance for the yourself, spouse, and dependent children through the Optional Group Life Insurance Program. You would pay the premium for this additional coverage through payroll deductions. You’ll find the application under Enrollment > Forms. Contact Securian

Financial/VRS at 800-441-2258.

40 Douglass Avenue NW, Roanoke, VA 24012 Phone 540-853-2502