Employer Update

Members Can Stay Connected by Updating Their Online Accounts

To strengthen their account security and ensure VRS communications reach only them, encourage members to provide VRS with their current contact information, including mobile number and personal email address (not work email).

Whenever there is a change in their address, phone number or email, members should update their VRS accounts immediately to reflect the change.

Here’s how they can log in and check if their information is current.

For myVRS (pension account):

1. Go to varetire.org.
2. Click the myVRS icon in the top right corner.
3. Log in or click “Register Now” to create an account.
4. If registering a new account, follow the on-screen prompts.
5. Members should log in at least every 90 days to review their accounts and update their passphrases.

VRS automatically locks all myVRS accounts if not registered within 90 days of hire date. A member who needs to establish their account after it has been locked, should call VRS at 888-827-3847.

For defined contribution accounts (Commonwealth of Virginia 457 Deferred Compensation Plan or Hybrid Retirement Plan defined contribution account):

1. Go to varetire.org/dcp-login.
2. Click “Set Up Your Online Access” and provide their details.
3. Choose a user ID and passphrase.
4. Log in at least every 90 days to review their account and update their passphrase.

How VRS Compares to Its Peers

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 81 is in line with our peers.
• VRS’ total pension administration cost is $81 per member, below the peer average of $117.

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 participates in the benchmarking comparison each year to identify opportunities to further improve service and reduce costs.

Looking for Rate Information and Financial Reporting Resources?

VRS maintains employer rate information and GASB-related reporting resources in various places across its websites.

View current contribution rates: VRS maintains tables with current employer contribution rates for statewide and teacher retirement plans as well as other post-employment benefit (OPEB) plans.

Political subdivision employers can access rate information and valuations in myVRS Navigator: Easily access and download your most recent actuarial valuations, rate letters and GASB 68 and 75 reports from myVRS Navigator.

1. Log in to myVRS Navigator.
2. Click on the Reports drop-down menu heading.
3. Scroll to and click on Generated Report.
4. From there, you can further refine your results by typing your five-digit employer code in the Report Name field. This will narrow your results to all VRS-provided financial reports, including your GASB 68 and 75 (if applicable).

Access GASB data for financial reporting: Look to the financial reporting page of the VRS employer website for resources when preparing the pension and VRS-administered other post-employment benefit (OPEB) plan components of your annual financial statements.