Designate Beneficiaries for VRS and Defined Contribution Plans
Undergoing major life changes, such as marriage, divorce or the death of a loved one, could mean your beneficiary designation needs updating. Let VRS know who receives benefits in the event of your death by updating your beneficiary information in each of the applicable areas.
You may already know that you can update your beneficiary for your member contribution account and VRS Group Life Insurance at any time through myVRS. However, if you were a member of the Hybrid Retirement Plan or participated in another defined contribution plan, such as the Commonwealth of Virginia 457 Deferred Compensation Plan, and you still have those accounts in retirement, you also need to name beneficiaries for those plans through Account Access at varetire.org/dcp-login.
How Naming a Beneficiary Works
You can name any living person or an entity, such as an eligible trust or charity, as your beneficiary. You can name one primary beneficiary or multiple. You can also name contingent beneficiaries. However, you must designate beneficiaries separately for your defined benefit plan and defined contribution plans.
- VRS Member Contribution Account and Group Life Insurance: Upon your death, each primary beneficiary receives a share of any retirement contributions and interest in your account, as well as any life insurance benefits you may have. If you have multiple beneficiaries, you will determine the percentage of proceeds each beneficiary is to receive.
- Defined Contribution Plan Accounts: Upon your death, each primary beneficiary will receive the accumulated value of your VRS Defined Contribution Plans.
If there is no beneficiary designation on file, or if your beneficiary designation is deceased at the time of your death, VRS is required by law to pay benefits in the following order:
- First, to your spouse.
- Second, if you do not have a spouse, to your children and the descendants of any deceased children.
- Third, if none of the above, to your parents.
- Fourth, if none of the above, to the appointed executor or administrator of your estate.
- Fifth, if none of the above, to your other next of kin.
VRS is required by law to pay benefits to the latest beneficiary designation in your VRS record, so log in today to ensure your designations reflect your wishes. Questions? Call 888-827-3847 and select option 3 for myVRS online assistance.
