Announcements
Look Back at VRS in 2023
VRS staff approached fiscal year 2023 with a renewed energy and commitment to collaboration aimed at building on our 80-plus-year legacy and reinforcing our foundation for the future.
Watch the video for highlights from 2023.
Read more about VRS’ financial results, investment highlights and other statistics in the 2023 Popular Annual Financial Report. For more in-depth information, see the 2023 Annual Comprehensive Financial Report.
Refer to VRS 101for an introduction to VRS and an overview of retirement plans, membership, funding and other resources.
General Assembly 2024 Legislative Update
The Virginia General Assembly convened January 10 for its 2024 legislative session. You can track VRS-related bills on the Legislation page. Look for a summary of VRS-related legislation in the May issue of Member News.
IRS Sets 2024 Contribution Limits
The Internal Revenue Service announced that the dollar amounts participants may contribute to tax-deferred savings plans have increased for tax year 2024.
The annual contribution limits apply to:
- Voluntary contributions that Hybrid Retirement Plan members make to the Hybrid 457 Deferred Compensation Plan.
- Contributions made to other supplemental 457 plans.
- Roth after-tax or pre-tax contributions made to the Commonwealth of Virginia 457 Deferred Compensation Plan.
- The pre-retirement Standard Catch-Up limit.
- The total Age 50+ Catch-Up Limit.
As a reminder, hybrid plan members should save the maximum 4% in voluntary contributions first to take full advantage of the employer match before contributing to other supplemental saving plans.
You cannot use the Age 50+ Catch-Up and the Standard Catch-Up in the same calendar year. For more information on the Age 50+ Catch-Up, Standard Catch-Up, military leave make-up, one-time deferrals or investment options, refer to the Contributions section of the Commonwealth of Virginia 457 Plan website.
VRS Transitioning to New DCP Record Keeper in 2025
The VRS Board of Trustees has named Voya Financial as the third-party record keeper for the VRS Defined Contribution Plans (DCP) effective January 1, 2025. MissionSquare Retirement is the current record keeper and has served in this capacity since January 2014. VRS will provide members with additional details as we prepare for the transition throughout this year.
