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VRS Plan Information

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.

There are three VRS Plans – See the detailed Plan Comparison Guide and visit the VRS Web site at www.varetire.org for detailed information and resources for each plan.

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.

Hybrid Plan:

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 Plan Updates as of March 2015

Hybrid Plan Educational Opportunities

VRS Defined Contribution Plans Specialist Contact Information:

Steve McGregor
VRS Defined Contribution Plans Specialist
ICMA-RC
919 East Main Street
16th Floor
Richmond, VA 23219
855-253-1453 toll-free
202-430-2848 cellphone
877-327-5261 Regional Office
SMcGregor@icmarc.org

Retirement Planning

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.

Purchase of Prior Service

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.

Links & Resources