Employer Update

Informational actuarial valuations are coming soon for political subdivisions. 

VRS will provide informational actuarial valuations for pensions and the health insurance credit to participating political subdivisions in the coming weeks. 

Based on June 30, 2022, data, the valuations provide key information regarding political subdivisions’ pension and other post-employment benefit (OPEB) plans, funded status and emerging trends in contribution rates. The VRS plan actuary presented informational valuations to the VRS Board of Trustees last fall. 
 
The informational valuations your locality will soon receive include: 

• Updated demographic information about plan participants. 
• Locality-specific information about the contribution rates, featuring a breakdown of the components that make up the employer cost. This information includes the employer’s normal cost rate, administrative expense, as well as the adjustment amount for amortizing the employer’s Unfunded Actuarial Accrued Liability. 
• Other supporting information regarding the plan, including the current benefit structure and the actuarial assumptions used in the rate calculation. 

Refer to the Financial Reporting page for resources and links that will assist you with financial reporting related to VRS-administered benefit plans. The page includes current contribution rates for state employees and teachers as well as OPEB contribution rates. 
 
Political subdivisions: Contact VRS if looking to offer hazardous duty coverage.  
If you are considering adding enhanced hazardous duty benefits for employees beginning July 1, 2023, contact VRS now to begin the process. Because this benefit requires an actuarial study, it takes approximately four to six months to complete the process before the coverage can become effective. For more information, contact ZaeAnne Allen, employer coverage coordinator, at zallen@varetire.org or 804-775-3514.

Are you new to administering VRS benefits?  
Let us know so our employer representative team can introduce themselves to you and point you to resources and training opportunities.