Online Retirement Pilot Ramps Up
VRS continues to expand access to online retirement to more members during a pilot phase that will continue through the spring.
Upon reviewing results of the pilot, VRS anticipates opening the online retirement feature to more members by summer, before moving to open access for most members.
Until the retirement process moves fully online, members who are not participating in the pilot will continue to submit paper forms.
Members will find built-in counseling information, including videos and step-by-step guidance at key decision points, as they complete the online retirement process. Employers should continue to provide your normal level of counseling to employees as they prepare to retire, especially regarding individual employer benefits.
In addition to retiring online, members soon will be able to use myVRS to manage beneficiary information. Also, later this year, retirees will have the ability to update direct deposit instructions and report health insurance premium changes online, as well as manage beneficiary information. And, for the first time, survivors of VRS members will have the opportunity to register for a myVRS account to view and maintain the benefits they receive.
myVRS security: Last month VRS made enhancements to myVRS that further protect member and retiree online account information and follow industry best practices. Members may log in and view account information; however, authentication will be required to complete any transactions or make changes to a user’s profile. VRS notified current myVRS account holders of the change by email last month.