Act Today to Safeguard Your Wishes, Ensure Peace of Mind
Check to see if your beneficiary designations are up to date, especially if you’ve recently experienced major life changes such as marriage, divorce or the loss of a loved one.
Why It Matters
Keeping your beneficiary information current ensures your wishes are followed in the event of your death. If there is no designation on file, or if your beneficiary is deceased at the time of your death, VRS is required by law to pay benefits by order of precedence:
- First, to your spouse.
- Second, if no spouse, to your children or descendants.
- Third, if none of the above, to your parents.
- Fourth, if none of the above, to your estate’s appointed executor or administrator.
- Fifth, if none of the above, to other next of kin.
How to Make Changes
Use myVRS to name or update beneficiaries for your VRS member contribution account and group life insurance.
If you are in the Hybrid Retirement Plan or participate in another VRS defined contribution plan, such as the Commonwealth of Virginia 457 Deferred Compensation Plan, you need to also name beneficiaries for these accounts through MissionSquare’s Account Access.
