VIRGINIA RETIREMENT SYSTEM (VRS) BENEFITS
Full time VRS-eligible employees have benefits through the Virginia Retirement System. The Virginia Retirement System, an independent state agency, provides retirement and other benefits to covered Virginia public sector eligible employees.
Retirement Benefits
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
Employees in these plans have a Defined Benefit Plan (Pension), and the option to apply for Disability Retirement, if applicable.
Hybrid Plan
Hybrid employees 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
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 yourself, spouse, and dependent children through the Optional Group Life Insurance Program. You would pay the premium for this additional coverage through payroll deductions. Contact Securian Financial / VRS with questions at 800-441-2258.