Employer Update

Employees may be contemplating retirement this summer, but the time to begin preparations is now.

To begin receiving benefit payments in a timely manner, members should apply for retirement at least 60 days, but not more than four months (120 days), before their desired retirement date. Example: A member wishing to retire on July 1, should apply by May 1. The first benefit payment would come on August 1 for the month of July.

Members should use myVRS to prepare for retirement: Encourage retiring members to log in to their myVRS accounts and explore the Retirement Planning section.

Online retirement is available to most VRS members. Those who are eligible to retire using the online system will see the Apply Now button when they select Apply for Retirement in the Manage My Benefits drop-down menu. If they do not see the button, they will see a message instructing them to submit a paper application directly to VRS.

The online retirement process takes only about 30 minutes to complete! Throughout the process, members will find built-in counseling information, including videos and step-by-step guidance at key decision points.

By providing intuitive self-service features and pre-retirement counseling within myVRS, VRS also is streamlining administrative tasks for employers and eliminating manual paperwork.

Employers certify all retirements through myVRS Navigator. To certify retirements, go to the Organization menu option and select Retirement Certification. You should certify all pending retirements as you receive them, even if the retirement is dated for a future month. A screen in myVRS Navigator displays all retirements awaiting employer certification. A bulk certification feature speeds the process if you have multiple retirements.

The Applying for Retirement page provides members a rundown of the process and includes links to required forms and helpful resources.

Education and counseling: Employers should continue to provide the normal level of counseling to employees as they prepare to retire, especially regarding individual employer benefits.

Several VRS webinars (recorded versions are also available) cover the retirement application and planning process.

Members also may book virtual counseling appointments (video or audio-only).