Employer Update

Online retirement becomes available to members through a gradual rollout by employer this summer. This major milestone has benefited from employer perspectives and ideas shared at roundtables, focus groups and, more recently, usability testing with small groups of retiring members.

By providing intuitive self-service features and pre-retirement counseling within myVRS, VRS also is streamlining administrative tasks for employers. Online retirement for members follows changes made in 2019 that enabled employers to certify retirements through myVRS Navigator, eliminating manual paperwork.

Members who retire online will find built-in counseling information, including videos and step-by-step guidance at key decision points. Employers should continue to provide the normal level of counseling to employees as they prepare to retire, especially regarding individual employer benefits.

VRS will continue to accept paper applications; however, we anticipate more members will take advantage of the online retirement process and the additional features coming to myVRS.

More myVRS enhancements are in the works: Additional self-service features in myVRS are planned for members and retirees.

• Online beneficiary management: VRS members and retirees will gain access to update beneficiaries online instead of submitting the Designation of Beneficiary (VRS-2) paper form. This function will include beneficiaries for the VRS defined benefit member account and group life insurance benefits. Members with defined contribution accounts will continue to update beneficiaries through Account Access.
• Direct deposit management: Retirees will have a simple new way to set up direct deposit or notify VRS when they change financial institutions or bank accounts and need to redirect their monthly benefit payment. The online process for payment destination will replace the Authorization for Direct Deposit of Monthly Benefit (VRS-57).
• Health insurance credit management: Instead of filling out and mailing the Request for Health Insurance Credit (VRS-45), retirees eligible for the health insurance credit will simply go online to claim the credit, report insurance premium changes or make other adjustments.
• Survivor accounts: For the first time, survivors of VRS members and retirees will have the opportunity to view and maintain the benefits they receive. Members or retirees who are receiving survivor benefits based on another VRS member's account will automatically be able to view their survivor benefits using their personal myVRS account. Survivors who are not already VRS members will be able to register for a myVRS account to view their benefits.