Tuesday, August 22, 2017
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VIRGINIA RETIREMENT SYSTEM

ELIGIBILITY

 

All full time employees are enrolled in the program as a condition of employment in the 2010 legislative session, the Virginia General Assembly created a separate retirement plan for employees hired on or after July 1, 2011.  The new provisions are referred to as the VRS Plan 2 and the current provisions as the VRS Plan 1.

 

VRS Plan 2

 

All employees hired or rehired on or after July 1, 2011 "Rehired" members are those who take a refund of the funds in their member contribution account or optional retirement plan account from a previous position and return to covered employment with no service credit in VRS.

 

VRS Plan 1

Current members, deferred members and current retirees are in Plan 1.  Deferred members are not currently employed but still have service credit in VRS.

 

Effective Date of Coverage

 

Employee's full time hire date

 

Cost of Coverage

5 percent of the employee's basic monthly compensation will be contributed to his or her account each month. 

 

 

Contribution Example 
 Salary $44,000.00
 5% contribution $3666.66
 Monthly Contribution $183.33

 

Type of Coverage

 

VRS is a defined benefit plan.  This means that once you retire with VRS you will receive a monthly benefit for life.  Your monthly benefit is calculated on your age at retirement, your average final compensation and your years of service.

 

To be eligible to retire with VRS you must be vested with at least 5 years of service with the program, and meet the minimum age requirement.

 

Retirement Options 
   VRS Plan 1 VRS Plan 2
Unreduced Benefit (Full Benefit) Age 65 at least five year of service credit or age 50 with at least 30 years of service credit. Normal Social Security retirement age with at least five years of service credit or when age and service credit equal at least 90 (e.g.: age 60 with 30 years of service credit)

 SHO & EMS:

Age 60 with at least five years of service credit or age 50 with at least 25 years of service credit.

SHO & EMS

Same

 Reduced Benefit Age 55 with at least five years of service credit

SHO & EMS  

Same

 

For additional information, please visit the Virginia Retirement System website.