Employer Update

As VRS prepares to offer online retirement to its broader membership, we appreciate your assistance identifying members planning to retire in April, May or June to participate in our online pilot program.

Employees who meet the age and service requirements for unreduced retirement are eligible to participate in the pilot. Exceptions include but are not limited to those retiring with hazardous duty service or judicial service, long-term disability in their record, those with Approved Domestic Relations Orders (ADRO) on file and members with ongoing purchase of prior service agreements.

If you are aware of employees who are retiring this spring and would be interested in participating in the pilot, please encourage them to send an email with the subject line “I want to retire online” to member-info@varetire.org. In the email, the retiring member should include the best phone number to reach them. A VRS member counselor will follow up to ensure they meet the pilot criteria and help them get started in myVRS.

This phase of the pilot program will end in June. July 1 retirements will not be part of the pilot program, and most employees will continue to submit paper applications this year. 

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 your normal level of counseling to employees as they prepare to retire, especially regarding individual employer benefits.

More enhancements on the horizon: 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 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 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.