An Introduction To The Virginia Retirement System
The Virginia Retirement System administers a defined benefit plan, a group life insurance plan, a deferred compensation plan and a cash match plan for Virginia's public sector employees. It also has an optional retirement plan for selected employees and the Virginia Sickness and Disability Program for state employees. The Virginia Retirement System is headquartered in Richmond, Virginia. Aspects Of The Virginia Retirement System The Virginia Retirement System administers the defined benefit plan covering most of Virginia's public sector employees through the following systems: - Virginia Retirement System (VRS) - State Police Officers' Retirement System (SPORS) - Virginia Law Officers' Retirement System (VaLORS) - Enhanced Benefits for Political Subdivision Employees in Hazardous Duty Positions - Judicial Retirement System (JRS) Under a defined benefit plan, retirement benefits are determined by a formula. They are not based on the accumulated contributions and interest in members' accounts. The formula amount depends on the retiree's age at retirement, average final compensation (average of the 36 consecutive months of highest compensation not including any overtime or temporary pay or pay for extra duties) and years of service. The plans are funded by contributions from employers and members, which are invested to provide future benefits for members and beneficiaries. The Virginia Retirement System also serves as the plan administrator for other retirement plans, which are defined contribution plans. These include the following: - Commonwealth of Virginia Deferred Compensation Plan (457) - Virginia Cash Match Plan (401(a)) - Optional Retirement Plan for Political Appointees - Optional Retirement Plan for School Superintendents - Optional Retirement Plan for Higher Education - Virginia Supplemental Retirement Plan (VSRP) The Virginia Retirement System offers natural and accidental death coverage and other life insurance benefits for members whose employers participate in the Group Life Insurance Program. Additional life insurance is also available for members to elect from if they are covered under the Basic Group Life Insurance Program. The other areas of benefit provided for under the Virginia Retirement System include: - Disability retirement benefits for members who are not covered under the Virginia Sickness and Disability Program (VSDP) - Sick leave, other types of leave and disability coverage for state employees hired after January 1, 1999 and state employees who elected to join VSDP during one of two open - Information for members called to active duty military service. It is never too late to plan your retirement. The Virginia Retirement System offers several tools to help you get started: - myVRS provides you secure online access to your Virginia Retirement System information. You can use your information to create future retirement benefit estimates and simulate various retirement payout options to determine the best option for you. - Virginia Retirement System publishes a Pre-Retirement Planning Guide, which gives you an overview of your benefits. - Retirement Education Seminars introduce you to life after retirement, including estate and financial planning. This is good information to know regardless of where you are in your career. - If you are within five years of retirement, consider enrolling in a Group Counseling Session. The session provides information on your Virginia Retirement System benefits and the retirement application process.
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