Employer Update

Why should members complete a VRS-901 (Durable Power of Attorney), and what does it cover?

The VRS Durable Power of Attorney (VRS-901)allows a VRS member to designate a trusted individual to handle VRS affairs such as filing applications, making certain benefit selections, changing financial institutions for direct deposit and designating beneficiaries. Should the member be incapacitated, having a durable power of attorney on file assures members that their agent can handle VRS benefits issues without interruption and in accordance with their wishes.

Important: The same form may be used if a member has VRS defined contribution plan account(s), such as the Commonwealth of Virginia 457 Deferred Compensation Plan or the defined contribution component of the Hybrid Retirement Plan. The member may send a copy of VRS-901 to MissionSquare Retirement by fax at 202-682-6439, or mail to: MissionSquare Retirement Attn: Workflow Management Team, P.O. Box 96220, Washington, DC 20090-6220.

Employees may submit the Authorization to Discuss VRS Account Information (VRS-900)to allow trusted individuals to speak with VRS representatives about their benefits and account information. The VRS-900 expires two years after signature and does not allow authorized persons to take actions affecting their accounts, however. If an employee already has a durable power of attorney on file at VRS, the VRS-900 is not required.