Employer Update

Every spring, employers typically face a high volume of summer retirement applications.

To begin receiving benefit payments in a timely manner, members should apply for retirement at least 60 days, but not more than four months (120 days), before their desired retirement date. Example: A member wishing to retire on July 1, should apply by May 1. The first benefit payment would come on August 1 for the month of July.

As your partner, VRS offers an array of services to support your counseling efforts to prepare employees for the big day. Some steps to guide you:

Certify Retirements as You Receive Them

You will certify all retirements through myVRS Navigator. To certify retirements, go to the Organization menu option and select Retirement Certification. You should certify all pending retirements as you receive them, even if the retirement is dated for a future month. A screen in myVRS Navigator displays all retirements awaiting employer certification. A bulk certification feature speeds the process if you have multiple retirements.

Push myVRS Registration

Encouraging employees to register for and use myVRS will speed the process because many employees will be able to apply for retirement online.

The targeted resources in myVRS provide comprehensive guidance on all aspects of planning and applying for retirement. Plus, registering for myVRS is a critical security best practice to reduce the risk of identity theft.

Online Retirement Is the Easy Option for Most

The online retirement process takes only about 30 minutes to complete! Throughout the process, members will find built-in counseling information, including videos and step-by-step guidance at key decision points.

Those who are eligible to retire online using myVRS will see the Apply Now button when they select Apply for Retirement in the Manage My Benefits drop-down menu. If they do not see the button, they will see a message instructing them to contact their employer to begin the retirement application process or to call VRS at 888-827-3847 for more information.

The Applying for Retirement page provides members a rundown of the process and includes links to required forms and helpful resources.

Counsel Employees About Retirement Process

Employers should continue to provide the normal level of counseling to employees as they prepare to retire, especially regarding individual employer benefits.

Members also may book one-on-one counseling appointments (virtual and in-person) with VRS.

Voya’s local DC plan education specialists can assist members with retirement questions about their defined contribution plans. Also refer employees to the DCP Leaving Employment Guide.