For Professionals, Professional Faculty, Instructional Faculty and Grant Funded Professionals
In addition to Social Security, contributions will be made for you to either this VA Retirement System plan (VRS), or an Optional Retirement Plan (ORP). You may choose either plan, but an application must be submitted within 60 days of hire date.
To further understand the differences between the VRS and ORP plans, please read Choosing Your Retirement Plan (pdf).
Virginia Retirement System (VRS)
This is a defined (or fixed) benefit retirement plan. Members must have at least five years of service and have attained age 60 to retire early with reduced benefits. To receive full benefits, the member must be of social security age and have at least five years of service credit or when age and service credit equal at least 90. The benefits received at retirement are determined by salary, length of service, age at retirement, and the retirement income option selected. More information can be obtained at the VRS website.
Plan Design Change
The General Assembly has approved plan design changes for the VRS benefit effective July 1, 2010. Employees hired or rehired on or after July 1, 2010 will be enrolled into VRS Plan 2. The previous plan design is referred as VRS Plan 1. Under the new provision employees will have to make a 5% contribution to their retirement on a pre-taxed basis.
Member News - Subscribe Now!
As a member, you can also subscribe to Member News and have it sent directly to your email address. That means that you can read the latest news through your email account at home, at work or on the go with your mobile device. This gives you a chance to read about your benefits as soon as the newsletter is posted.
Online Access through myVRS
The Virginia Retirement System now posts your annual benefit statement and Member Benefit Profiles using a secured account called myVRS. Your Member Benefit Profile will be available on September 1, 2011. To view and print your Member Benefit Profile you must register with myVRS at https://www.varetire.org/myVRS.