How We Measure Up: See VRS Benchmark Results

November 2021
An image of a man's hands holding a mallet and chisel, making carved marks into a woden board resting on a workbench. On the right side of the image is text which reads Latest Benchmarking Study.

Once a year, CEM Benchmarking conducts a study comparing retirement systems in the U.S. and around the world, focusing on service and cost to their customers. How does VRS compare?

VRS’ total service score was 82. This was above the peer median of 79.

An image of a bar graph chart showing VRS' above average Total Service Score as compared to its peers.

According to CEM, VRS delivers better customer service at a lower cost, compared to a group of 74 leading retirement systems in the U.S., Canada and other countries, and to a peer group of 12 state retirement systems in the U.S.

VRS has outperformed its peer group in every benchmarking comparison of service scores since 2008.

VRS’ total pension administration cost of $72 per member was $33 below the peer average of $105.

An image of a bar graph chart showing that VRS had a lower than average cost per active member and annuitant as compared to its peers.

CEM attributed VRS’ low administrative cost to lower transaction volumes per member, higher productivity and lower costs in office support, technology and project expenses as compared to other retirement systems.

VRS’ total complexity score was 36, below the peer median of 41.

An image of a bar graph chart showing that VRS' Total Complexity is below the average complexity of its peers.

When assigning complexity, CEM looks at various aspects of retirement plans, such as:

  • Pension payment options offered.
  • Customization choices.
  • Rules governing service credit, purchase of prior service and refunds.

In almost every metric, VRS was rated as less complex than its peers.

VRS participates in the benchmarking comparison each year to identify opportunities to further improve service and reduce costs for members and retirees.