May 2024
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Legislative Update

For a summary of new laws enacted by the 2024 Virginia General Assembly session that affect VRS benefits, see the Legislative Summary.

VRS Counseling Center to Relocate

The VRS Retirement Counseling Center, currently in downtown Richmond, will move to Henrico County later this year. The new space offers convenient parking with proximity to public transportation, allowing VRS to better serve members and retirees who seek in-person counseling. VRS’ administrative and investment offices will remain downtown.

Check the VRS website for details on this move as they become available.

Check Out VRS’ YouTube Channel

Subscribe to VRS on its new YouTube channel. Check out the Hybrid Retirement Plan Learning Channel series, view the latest Member Tips videos with VRS Director Patricia S. Bishop and more. Stay tuned for new content throughout the year.

Some Optional Life Insurance Benefits to Increase

The maximum coverage amounts under the Optional Group Life Insurance Program for active members, spouses and retirees will increase effective July 1. The coverage amount for children will not change. See the chart below for details:

Coverage Group Current Limit July 1 Limit
Active member $800,000 $975,000
Spouse $400,000 $487,500
Retiree $300,000 $375,000
Child $30,000 $30,000

VRS Welcomes New and Reappointed Board Members

The Virginia General Assembly recently appointed two new members to the VRS Board of Trustees.

Lawrence Bernert is senior managing director of the Norfolk-based investment advisory firm Clearstead Advisory Solutions. He’s been with the firm since 1995. Bernert has served as a board member and as chairman of the Children’s Hospital of the King’s Daughters Foundation, and as trustee of the Jamestown-Yorktown Foundation.

Matthew James is the founder and CEO of MJames Consulting LLC. James has more than 35 years of experience in financial management and oversight, private- and public-sector regulations, and economic development. He has held government leadership positions at the local, regional and state level, including 10 years as a member of the Virginia House of Delegates representing parts of Hampton Roads.

Gov. Glenn Youngkin reappointed Susan Gooden, Ph.D., who serves as dean and professor of the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University. Gooden joined the board in 2020.

Nine members serve on the VRS Board of Trustees. Their appointment is shared between the executive and legislative branches of state government.

Read more about VRS Leadership.

Retiree Health Insurance Credit to Increase for Some

Reminder: The health insurance credit will increase for some retirees effective July 1.