Announcements

April 2024
On the left, a teacher points to her white board which flows into text on the right which reads News to Know.

Get the VRS Training You Need

Take advantage of the following webinars to increase your knowledge:

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

Health Insurance Credit Forms Updated

The Request for Health Insurance Credit (VRS-45) and the Optional Retirement Plan Health Insurance Credit Employer Certification of Service (VRS-75) have both been updated to include the latest Medicare Part B premiums, along with an update to the instructions for the Insurance Policy Information section.

COLA Increases Take Effect July 1

The following cost-of-living adjustments (COLAs) take effect July 1 for eligible retirees in Plan 1, Plan 2 and the Hybrid Retirement Plan (defined benefit component). Eligible retirees will see the COLA amount in their August 1 benefit payment.

  • 3.56% for Plan 1
  • 3.0% for Plan 2 and the Hybrid Retirement Plan

Virginia Sickness and Disability Program: Members of VSDP receiving long-term disability benefits for at least one year will receive an increase in their long-term disability benefit effective July 1, based on the calculated COLA for the year.

  • 3.56% for Plan 1
  • 3.0% for Plan 2 or the Hybrid Retirement Plan

Life Insurance: The new minimum beginning July 1 is $9,532. Retirees with at least 30 years of service get a minimum life insurance benefit that does not reduce below a certain minimum amount, indexed using the Plan 2 COLA calculation each year.

Health Insurance Credit Increases for Some Retirees July 1

Legislation passed in 2023 increases the health insurance credit for retired constitutional officers, their employees and state employees, effective July 1.

Constitutional Officers and Employees

  • Monthly amount increases from $1.50 to $1.75 per year of creditable service (not to exceed $52.50 per month) for retired constitutional officers and their employees who have at least 15 years of creditable service.
  • Increases the credit to $52.50 per month for constitutional officers or constitutional officers’ employees who retired on long-term disability.

State Employees

  • Monthly amount increases from $4 to $4.25 per year of service with no monthly cap for retired state employees who have at least 15 years of creditable service.
  • Increases the monthly credit for state employees who retired on long-term disability from $4 per year of service to $4.25, or $120 per month, whichever is greater.