Employer Update

The Virginia Retirement System began operations in 1942, replacing a fund for retired teachers that traced its origins to 1908. Early VRS membership was limited to teachers, school administration employees and state employees, though eligibility soon expanded to include employees of political subdivisions. Today, VRS is proud to serve 835 participating employers and 755,000 members, retirees and beneficiaries.

“Celebrating 80 years of serving those who serve others emphasizes VRS’ continued commitment to members, retirees and beneficiaries,” VRS Director Patricia S. Bishop said. “We’re proud of how far we’ve come, and excited about all the ways we continue to innovate for the future.

Through planning resources, education opportunities and high-level customer service, VRS stands committed to providing holistic support throughout a member’s career and into retirement. In recent years, VRS has rolled out several advancements for our members and employers:

• Online retirement allows many members to conveniently apply for retirement through their myVRS accounts, rather than submitting paper forms.
• myVRS enhancements make managing benefits and accounts easier than ever for members, from updating beneficiaries online to accessing and managing optional life insurance coverage.
• Certified Financial Planning services from our partner MissionSquare Retirement offer guidance and support to help members feel confident about their financial security.
• myVRS Financial Wellness tools and courses are regularly updated to help empower members to build expertise and enhance their financial proficiency, no matter their knowledge level or learning style. Use the myVRS Employer Toolkitto promote this benefit to your employees.
• Members with questions about their benefits can now easily register online for a virtual one-on-one retirement counseling appointment from the VRS Education and Counseling page.

In another major milestone, the VRS Trust Fund reached the $100 billion mark for the first time in its history last year. VRS’ long-term investment strategy maximizes returns while targeting an acceptable level of risk, ensuring retiree benefits for years to come.

As we commemorate eight decades of continuous service to members and retirees, you will notice the 80th anniversary insignia on our website, newsletters and on social media. We look forward to sharing this celebration through storytelling and key messages that highlight how members can make the most of their membership and retirement.

Most importantly, VRS extends its thanks to employers for their ongoing partnership in providing long-term financial stability for employees.