Virginia Retirement System
RPS Retirement Benefits are administered through the Commonwealth of Virginia. The Virginia Retirement System (VRS) is an independent agency of the Commonwealth of Virginia. The VRS Board of Trustees administers and is trustee of the funds of the Virginia Retirement System Trust, including Plan 1, Plan 2, and the defined benefit component of the Hybrid Retirement Plan.
As a member, you contribute 5 percent of your compensation each month to your member contribution account through a pre-tax salary reduction. Your contributions are tax-deferred until you withdraw them as part of your retirement benefit or as a refund.
Your employer makes a separate contribution to VRS for all covered employees. VRS invests contributions to provide for your future benefit payment.
You will become vested when you have at least five years (60 months) of service credit. Vesting means you are eligible to qualify for retirement if you meet the age and service requirements for your plan. You also must be vested to receive a full refund of your member contribution account balance if you leave employment and request a refund.
VRS members are covered for Basic Group Life Insurance from the first day of employment through Securian Financial (Minnesota Life Insurance). The coverage is 2 times your salary for natural death and 4 times your salary for accident death. You are also eligible to purchase additional life insurance for yourself as well as your spouse and dependent children through the Optional Group Life Insurance Program. If you opt for this additional coverage you will be able to pay the premiums through payroll deductions.