Employer Update

After a few disruptive pandemic years, the VRS staff approached fiscal year 2023 with a renewed energy and commitment to collaboration aimed at building on our 80-plus-year legacy and reinforcing our foundation for the future.

Among the highlights:

• VRS paid $6 billion in benefits to retirees and beneficiaries in 2023.
• The VRS investment portfolio ended the fiscal year valued at $105.9 billion.
• The General Assembly provided $250 million toward reducing unfunded liabilities for VRS retirement plans, bringing the total infusion to the VRS Trust Fund to more than $1 billion over two years.
• Hybrid Retirement Plan members not making the maximum voluntary contribution received a 0.5% automatic increase in January. Following an auto-escalation campaign, 4.1% of hybrid plan members increased their savings beyond the 0.5% baseline for auto-escalation.
• Online retirement applications increased, with 42% of July 2023 retirements completed in myVRS.
• One-on-one counseling appointments for Plan 1 and Plan 2 members increased 54%. Sessions for hybrid plan members increased by 40%.
• Optional life insurance coverage grew by 8.6%, following an enrollment campaign that offered a one-time opportunity to elect coverage or add coverage without evidence of insurability.