Employees Can Protect Loved Ones Now by Naming Beneficiaries

June 2023
A father holding his newborn baby next to text reading update beneficiaries

Keeping their VRS beneficiary information current ensures employees’ wishes are respected. Remind employees to verify their designations are up to date, especially if they have recently experienced major life changes such as marriage, divorce or the loss of a loved one.

Employees can easily update beneficiary information for their VRS member contribution accounts and group life insurance online through myVRS.

Updating Beneficiaries for Defined Contribution Plans

Employees in the Hybrid Retirement Plan or those who participate in another savings plan, such as the Commonwealth of Virginia 457 Deferred Compensation Plan, also need to name beneficiaries for their defined contribution plans through Account Access.

If There Is No Beneficiary

If there is no valid beneficiary designation on file or an employee’s beneficiary is deceased at the time of their death, VRS will pay benefits according to the following order of precedence, as required by law:

  • First, to the spouse of the member.
  • Second, if no surviving spouse, to the children of the member and descendants of deceased children, per stirpes.
  • Third, if none of the above, to the parents of the member.
  • Fourth, if none of the above, to the duly appointed executor or administrator of the estate of the member.
  • Fifth, if none of the above, to other next of kin of the member entitled under the laws of the domicile of the member at the time of his death.