Employer Update

Governor appoints new VRS board member.

Gov. Glenn Youngkin recently appointed Jessica Hood to the VRS Board of Trustees. Hood is the director of outreach and public relations at the Wise County and City of Norton Commonwealth Attorney’s Office.

myVRS Navigator security reviews begin this month.

In late May, Security Administrators, who oversee and approve access to myVRS Navigator for their agencies, will receive a message from VRS outlining the procedures and timeline for conducting the annual security review. You can complete your review online in a matter of minutes.

When you log in to myVRS Navigator, step-by-step instructions on the Employer Security Review page will explain how to make any necessary changes and guide you through submitting changes directly in the system.

Get more tips for a successful security review.

Available Online: 2022 valuations for statewide pension 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.

The 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.

Stronger passwords are now required for myVRS Navigator.

Because longer passwords are stronger passwords, VRS is increasing the minimum character count for myVRS Navigator passwords from eight to 14 characters. New myVRS Navigator users or employers resetting their system access will have to create longer passwords.

Get the VRS training you need.

The following webinars are set for the coming months:

• Onboarding New Employees, May 31, 2-3 p.m.
• 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.

Public Service Recognition Week set for May 7-13.

Public Service Recognition Week is a time for employers to salute those who have chosen public service careers and highlight the ways government services make life better for all citizens.

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

Pass along the praise: With resources from the Partnership for Public Service, you can reach your communities, educators and the media about the value of public service.