Employer Update

VRS Reports 6.1% Return for FY 2023

VRS reported a 6.1% return, net of fees, on its investment portfolio for fiscal year 2023, ending the year with approximately $105 billion. Read the full release.

Access GASB Data for Year-End Financial Reporting

Look to the financial reporting page of the VRS employer website for resources to help you prepare the pension and VRS-administered other post-employment benefit (OPEB) plan components of your annual financial statements in accordance with the Governmental Accounting Standards Board (GASB).

Update: Age-Based Catchup Contributions Cleared for 2024

VRS had notified affected employers about plans to pause 50+ Catch-Up contributions in 2024, due to implementation requirements of the federal SECURE 2.0 Act. However, the IRS announced a delayed effective date of January 1, 2026, for one provision requiring that age-based catch-up contributions to Section 401(a) qualified plans, Section 403(b) and governmental 457(b) plans be made on a Roth after-tax basis for participants who earned more than $145,000 the previous year.

Therefore, contributions will continue as usual in 2024, allowing Commonwealth of Virginia 457 Deferred Compensation Plan participants nearing retirement to take full advantage of the catch-up option next year. VRS will begin preparations for implementing this SECURE Act provision in 2025.

Get the VRS Training You Need

The following webinars are set for the coming months:

• Introduction to VRS, offered in October and December (each month’s session includes four classes).
• Retirement Payout Options, November 29, 2-3 p.m.

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