Support Your Loved Ones by Getting Organized
Planning ahead can ease a difficult time for your loved ones. Taking a few simple steps today, like updating beneficiary information and organizing important documents, can help ensure your VRS benefits are handled according to your wishes.
Review Your Beneficiary Designations
Check your beneficiary designations after major life events such as marriage, divorce or the death of a beneficiary.
- myVRS: Update beneficiaries for your VRS pension benefits and any VRS Group Life Insurance proceeds.
- Defined Contribution Plans: Update beneficiaries for your Hybrid Retirement Plan defined contribution component or plans such as the Commonwealth of Virginia 457 Deferred Compensation Plan and Virginia Cash Match Plan, if you participate.
Registering your accounts, if you have not already, helps VRS keep your information secure. As a security best practice, log in to your accounts at least every 90 days to check your account activity and change your passphrase. Visit the Security Center for additional tips.
Share Information About Your Benefit Payout Option
When you retired, you selected a benefit payout option, such as the Basic Benefit or a Survivor Option. The Basic Benefit provides the highest monthly payment but ends upon your death. The Survivor Option offers a lower payment but continues to a named survivor.
Talk to your beneficiaries about your option so they can understand what to expect and avoid surprises later.
Organize Important Information for Your Family
Your loved ones should know to promptly contact Securian Financial, the insurer for the VRS Group Life Insurance Program, at 800-441-2258 in the event of your death. This call starts the process for life insurance claims and alerts VRS to begin processing survivor benefits or final payments.
VRS provides two helpful guides to support this process:
- Losing a Loved One: Guide for Families: A checklist that explains how survivors can claim VRS benefits and which documents are needed.
- Get Organized guide: A workbook for recording the locations of your assets, expenses, insurance information and key contacts. Keep it updated and tell your family where to find it.
Explore Planning Resources Through myVRS Financial Wellness
After logging in to myVRS, select myVRS Financial Wellness to access additional planning resources. The Preparing an Estate Plan course walks you through important estate-planning documents, such as wills, trusts and medical directives, to help firm up your plans and protect your legacy.
Taking these steps now will help ensure your family has the information they need when they need it.
