Employer Update

VRS Implements Security Measures for Member Accounts

It’s critical for new hires to register their myVRS accounts and defined contribution accounts, if applicable, through Account Access, completing the identity-verification steps and then establishing a password-protected account.

90-day lock: Employees should register their myVRS accounts within 90 days of their hire date. After that point, VRS locks all unregistered accounts for security purposes. Members would need to call VRS to register.

Multifactor authentication: VRS also now requires multifactor authentication on all myVRS accounts. Logging in to myVRS requires the use of one-time authorization codes sent either to a member’s email address or mobile phone.

reCAPTCHA: As an additional layer of security, VRS has added reCAPTCHA to the myVRS login page. The tool helps further authenticate myVRS users and prevent unauthorized system access.

New DCP Retirement Specialist Offers Virtual Counseling

Ashley Lucas has joined MissionSquare Retirement as a VRS Defined Contribution Plans Specialist focused on retirees and those who leave employment. Lucas is dedicated to helping members keep their DCP money working for them in retirement. Her virtual services include retirement income strategies, investment education and counseling related to the VRS Defined Contribution Plans. These include the Commonwealth of Virginia 457 Plan, the Virginia Cash Match Plan, the Hybrid 457 Deferred Compensation Plan and more.

Members can sign up for an appointment with Lucas on the Defined Contribution Plans website.

Available Online: 2022 Valuations for Statewide Pensions and OPEB Plans

Annual actuarial valuations provide a clear picture of the funding status of VRS’ statewide pension plans, other post-employment benefit (OPEB) plans and the Line of Duty Act Trust Fund. The 2022 valuations for these plans are now available.

New this year: A single appendix covers all pension and OPEB plans, including plan provision summary information and detailed descriptions of the actuarial assumptions for each plan.

Self-Directed Brokerage Account Option Is Moving to Schwab

The TD Ameritrade self-directed brokerage account option available to members with defined contribution plan accounts record kept by MissionSquare Retirement is transitioning to Schwab ownership in early September. Participants will need to register their accounts with Schwab. Affected participants will receive additional information from MissionSquare and Schwab.

Get the VRS Training You Need

The following webinars are set for the coming months:

• Introduction to VRS, offered in  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.

Check out the VRS Training Academy for course descriptions and additional training opportunities.