August 2023
On the left, a teacher points to her white board which flows into text on the right which reads News to Know.

Find Your Updated Plan Handbook on the Publications Page

Updated VRS member handbooks and guides reflecting the latest legislative and administrative changes were posted July 1. The VRS Member Guide is now the only handbook available in print. It was last updated in February 2022. You can recycle any other print versions of VRS handbooks and guides you may have, since they are no longer valid. Issue dates are found on the back cover.

Watch for Your Member Benefit Profile This Fall

Your 2023 Member Benefit Profile (MBP) will soon be available in myVRS. Watch for an announcement on the VRS website.

What is it? Your MBP is an annual benefit statement based on information your employer reports to VRS as of June 30, 2023. It shows your:

  • Account balance information.
  • Retirement eligibility.
  • Eligibility for other benefits, such as group life insurance and the health insurance credit.

Why does it matter? Looking over your MBP gives you an opportunity to assess and refocus your retirement goals.

Are you on track with your savings? Can you afford to retire earlier than expected, or are there benefits to working longer? Used in conjunction with tools like the myVRS Benefit Estimator and the myVRS Retirement Planner, your MBP can kickstart your future planning.

Administrator Name Change: ReedGroup Is Now Alight

ReedGroup, VRS’ third-party administrator for managed care disability claims, is now Alight. While the name has changed, the contact information has not. VRS administers the Virginia Sickness and Disability Program (VSDP) and the Virginia Local Disability Program (VLDP) in conjunction with Alight.

VRS Selects New Record Keeper for Defined Contribution Plans

The VRS Board of Trustees has named Voya Financial to serve as the third-party record keeper for the VRS defined contribution plans (DCP) beginning January 1, 2025, subject to final contract negotiations.

Following an expected 18-month transition period, Voya will assume record-keeping responsibilities for VRS-sponsored defined contribution plans including the Commonwealth of Virginia 457 Deferred Compensation Plan, the Virginia Cash Match Plan 401(a) and the defined contribution component of the Hybrid Retirement Plan.

Read the full release.