Employer Update

Download Your GASB 68 and 75 Reports from myVRS Navigator

Political subdivision employers can now download their latest GASB 68 and 75 statements directly from myVRS Navigator.

• GASB Statement No. 68 covers pension liabilities and expenses.
• GASB Statement No. 75 covers liabilities and expenses for the health insurance credit if the employer offers it.

To access your GASB reports:

1. Log in to myVRS Navigator. Note: You may need to coordinate with others in your organization who have access to myVRS Navigator to download the reports.
2. Click on the Reports drop-down menu heading.
3. Scroll to and click on Generated Reports.

Get the VRS Training You Need

Take advantage of the following webinars to increase your knowledge:

• Health Insurance Credit, 2-3 p.m., May 22
• Introduction to VRS, 10-11:30 a.m., June 18, 20, 25 and 27 (session includes four classes)

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

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 coverage beginning July 1 is $9,532. Retirees with at least 30 years of service have a minimum life insurance benefit that does not reduce below this 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.