VRS Gets High Marks in Peer Benchmarking Study

November 2022

An image of lines forming the shape of a wave cresting upward, indicating modernism and upward momentum. To the left of the waveform is text which reads VRS provides efficient service.

VRS remains in the high-service, low-cost category compared to its peers, according to an annual study from CEM Benchmarking, which compares retirement systems in the United States and around the world.

VRS’ total service score was 81. This was above the peer median of 79.

An image of a bar graph showing VRS's above avereage total service score as compared to other peer retirement systems.

CEM measures service quality from a member’s perspective. For example, a pension fund that offers more communications channels for its members generally is perceived to resolve issues more quickly.

Recent design upgrades to VRS websites and the addition of self-service tools, such as online retirement, enhance VRS’ services for members and boosted its overall score.

VRS’ total pension administration cost of $81 per active member is 24% less than the peer average.

CEM attributes VRS’ lower administrative cost to efficient staffing and support strategies.

An image of a bar graph showing VRS's below average total pension administration cost per active member and annuitant.

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