Study: VRS Among Best in Delivery of Services to Members
VRS remains in the high-service, low-cost category compared to its peers, according to an annual study from CEM Benchmarking, which compares retirement systems in the United States and around the world.
- VRS’ total service score of 83 was above the peer median of 78.
- VRS’ total pension administration cost is $74 per member, compared to a peer average of $113.
CEM measures service quality from a member’s perspective. For example, a pension fund that offers more communications channels for its members is perceived to resolve issues more quickly.
VRS has seen its CEM service score steadily increase since 2015. Recent improvements to VRS member education, such as a shift to online webinars and one-on-one counseling, had a positive impact on the score. Longer-term improvements, such as online counseling and retirement, further boosted VRS’ score as more members want and expect these services.
VRS participates in the benchmarking comparison each year to find opportunities to further improve service and reduce costs.