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The Virginia Retirement System (VRS) administers retirement plans, life insurance plans, and related services for its active members. Eligible members include full-time salaried, permanent employees of the Commonwealth of Virginia, participating local cities, towns, political subdivisions, and all Virginia school boards. Henrico County participates in the Virginia Retirement System and pays the employer contribution of an eligible employee’s salary. VRS members are “vested” when they have five years of VRS service credit.
VRS Plan 1 and Plan 2
- For Plan 1 and Plan 2, service retirement is a defined benefit based on a member’s average final compensation, years of service, and age at retirement. VRS Plan 1 and Plan 2 members may apply for disability retirement benefits if they become unable to perform their job because of a physical or mental disability and the disability is most likely to be permanent.
- Plan 1: Members with service credit before July 1, 2010, and vested as of January 1, 2013, are eligible to retire with unreduced benefits at age 65, with at least five years of service, or at age 50 with at least 30 years of service. An employee’s highest consecutive 36 months of creditable compensation is used as the average final compensation.
- Plan 2: Members hired or rehired on or after July 1, 2010, with no pre-July 1 service credit are eligible to retire with an unreduced benefit at their normal social security retirement age with at least five years of service credit or when age and service equal 90. An employee’s highest consecutive 60 months of creditable compensation is used as the average final compensation.
This plan applies to most members hired on or after January 1, 2014 with no prior VRS service credit. Public safety employees covered by enhanced hazardous duty benefits are not eligible for the Hybrid Plan. This plan offers a defined benefit component and a defined contribution component (similar to 401k). The Hybrid Plan does not offer disability retirement benefits; instead, Hybrid Plan members have a separate program of short and long term disability benefits and a separate County sick leave accrual plan.
- Hybrid Sick Leave Accrual Program – a separate County sick leave accrual plan for Hybrid Plan members that corresponds to the employer-paid disability program.
- Hybrid Disability Program – an employer-paid program of short and long term disability benefits for Hybrid Plan members.
Hybrid Plan Updates as of March 2015
- Market Returns 2015 – an overview of Market Returns exceeding a 10 year timeframe. This aids in assessing risk over time.
- Investment Option Performance for February 2015
Hybrid Plan Educational Opportunities
- VRS Hybrid Seminar Schedule – May/June 2015
VRS Hybrid Defined Contribution Plans Educational Seminars started in late February around the state of Virginia. The meetings are open to employees eligible to participate in the VRS Hybrid Defined Contribution Plans. Advance registration is requested for all sessions and individual consultations. To register for the meeting(s), click on the following link: View group seminars and one-on-one consultations that are available for Hybrid Retirement Plan members.
VRS Defined Contribution Plans are currently conducting live webinars on a regular basis throughout the year. The webinars are open to employees eligible to participate in or currently participating in one or more of the VRS Defined Contribution Plans. Here is the link to our Upcoming Hybrid Defined Contribution Component Live Webinars that will assist with the overall understanding of the plans.
VRS Defined Contribution Plans Specialist Contact Information:
VRS Defined Contribution Plans Specialist
919 East Main Street
Richmond, VA 23219
877-327-5261 Regional Office
Thinking about retiring from Henrico County? You can visit the Benefits Division’s Retirement Web page to learn about VRS benefits, retiree health and dental coverage, and other tools to help you plan for retirement.
You may be able to increase your VRS benefit by purchasing prior service credit. Prior service is a period of service that has not been credited to your VRS service record because it was not covered by VRS or it was covered service for which your previously took a refund. Because the amount of your benefit is based on your years of service credit, purchasing prior service credit can increase your monthly retirement benefit. VRS allows eligible members to purchase time for: certain leaves of absence, non-covered service with a participating employer, public service, active duty military service, and VRS refunded service. The cost and time frame to purchase this service is based on whether you are in Plan 1, Plan 2, or the Hybrid Plan. For more information on purchasing prior service, visit the VRS purchase of prior service Web page. To initiate a purchase of prior service, contact HR Benefits at 501-7371.