Employer Update

Password requirements strengthened for myVRS Navigator.

VRS is increasing the minimum character count for myVRS Navigator passwords from eight to 14 characters. Longer passwords provide greater account security. New myVRS Navigator users or employers needing to reset their access to the system will have to create longer passwords.

Register for upcoming VRS training sessions.

The following webinars are set for the coming months:

• Onboarding New Employees, May 31, 2-3 p.m.
• Introduction to VRS, offered in April, June, August, October and December (each month’s session includes four classes).
• Purchase of Prior Service, July 26, 2-3 p.m.
• Life Insurance, September 27, 2-3 p.m.
• Retirement Payout Options, November 29, 2-3 p.m.

Visit the VRS Training Academy for detailed session descriptions and to view additional training opportunities.

COLA increases take effect July 1 for eligible retirees.

The following cost-of-living adjustments (COLAs) take effect July 1 for eligible retirees in Plan 1, Plan 2 and the Hybrid Retirement Plan (defined benefit component).

• 5% for Plan 1
• 3% for Plan 2 and Hybrid Retirement Plan

Eligible retirees will see the COLA amount in their August 1 benefit payment.

The COLA is based on the annual monthly average of the Consumer Price Index for all Urban Consumers (CPI-U), published by the U.S. Bureau of Labor Statistics and updated each July 1. The Code of Virginia caps the annual COLA at 3% for Plan 2 and hybrid plan members and at 5% for Plan 1 members.

COLAs for additional benefits include:

• Members of VSDP receiving long-term disability benefits for at least one year will receive an increase in their LTD benefit July 1 based on the calculated COLA for the year.
  • 5% for Plan 1
  • 3% for Plan 2 and Hybrid
• The Hazardous Duty Supplement will increase from $14,664 to $16,884, beginning July 1 and paid monthly beginning August 1.
• Retirees with at least 30 years of service get a minimum life insurance benefit that does not reduce below a certain amount, indexed using the Plan 2 COLA each year. The new minimum beginning July 1 is $9,254.

General Assembly holds its reconvened session April 12.

The General Assembly this year passed bills that will impact VRS benefits and policies, including return-to-work rules. You can access all VRS-related House and Senate Bills on our legislation webpage. Look for VRS’ full legislative summary later this spring.

Celebrate Public Service Recognition Week, May 7-13.

Celebrated the first full week in May, Public Service Recognition Week recognizes those who have chosen public service careers as well as the many ways government services make life better for all citizens.

VRS is committed to serving those who serve others. We thank employers for their dedication to their communities and partnership with VRS, and we salute the thousands of public service employees whose work improves lives in communities throughout Virginia.

The Partnership for Public Service offers resources to help employers reach out to their communities, educators and the media.

Health insurance credit forms updated for latest Medicare Part B premiums.

The Request for Health Insurance Credit (VRS-45) and the Optional Retirement Plan Health Insurance Credit Employer Certification of Service (VRS-75) have been updated to include the latest Medicare Part B premiums. The updated forms are available online and through the myVRS Navigator forms request system.