VRS Gets High Marks in Peer Benchmarking Study
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 was above the peer median of 79.
CEM measures service quality from a member’s perspective. For example, a pension fund that offers more communications channels for its members generally is perceived to resolve issues more quickly.
Recent design upgrades to VRS websites and the addition of self-service tools, such as online retirement, enhance VRS’ services for members and boosted its overall score.
VRS’ total pension administration cost is $81 per member, compared to a peer average of $107.
CEM attributes VRS’ lower administrative cost to efficient staffing and support strategies.
VRS participates in the benchmarking comparison each year to identify opportunities to further improve service and reduce costs.
