Employer Update

Beneficiary designation form no longer available on the website in January: Members will use myVRS to name and update beneficiaries for their defined benefit member account and group life insurance, as well as optional group life insurance if the additional coverage is elected. Hybrid Retirement Plan members and participants in the Commonwealth of Virginia 457 Deferred Compensation Plan also should log in to AccountAccess to update beneficiary information for defined contribution accounts.

Online management of optional group life insurance coverage coming soon: In early 2022, VRS members eligible for the optional group life insurance program offered through Securian Financial will have access to manage the benefit online via myVRS. Members will gain the ability to purchase, modify (increase/decrease) or cancel coverage by logging in to myVRS. Later in the spring, retirees will have similar online access to reduce or cancel coverage. Watch for more details coming soon.

VRS recognized for plan funding and administration: VRS received a 2021 Public Pension Standards Award for Funding and Administration from the Public Pension Coordinating Council (PPCC) in recognition of the agency’s fulfillment of public pension standards. This is the 18th consecutive award VRS has received from PPCC. Read the full release.

VRS again honored for excellence in financial reporting: The Virginia Retirement System has received awards for its Annual Comprehensive Financial Reportand Popular Annual Financial Report (PAFR)for fiscal year 2020 from the Government Finance Officers Association of the United States and Canada (GFOA). This is the 39th consecutive award for the comprehensive report and the fifth consecutive award for the PAFR. Read the full release.

Virtual counseling made easy: Members with questions about retirement or their VRS benefits may now schedule virtual counseling appointments online.

Order a VRS Member Guide today: The VRS Member Guideis an easy-reference booklet that supplements member handbooks and applies to all VRS plans, new VRS members and current members who are moving to a new job or employer. Order print copiesto distribute to covered employees as you onboard new hires and hold orientation sessions.

Considering whether to offer hazardous duty coverage? If you are considering adding enhanced hazardous duty benefits for your employees beginning July 1, 2022, contact VRS now to begin the process. Because this benefit requires an actuarial study, it takes approximately four to six months to complete the process before the coverage can become effective. For more information, contact ZaeAnne Allen, employer coverage coordinator, at zallen@varetire.org  or  804-775-3514.

Are you new to administering VRS benefits? Let us know so our employer representative team can introduce themselves to you and point you to resources and training opportunities.