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Virginia Retirement System-Hybrid Plan
The Virginia Retirement System provides retirement, disability, and death benefits to employees and/or their beneficiaries. The City pays 18.76% of base pay towards the retirement and disability benefit, and employees pay the member contribution of 5% of base pay. VRS Hybrid members may elect to contribute an additional 4%. Life insurance is provided at no cost to the employee and is a defined benefit plan that covers all full-time employees. Defined benefit plans promise employees a lifetime monthly benefit payable at retirement. The amount of the retirement benefit is based on a specific formula that uses final average compensation, age, and years of service. Employees must meet all other eligibility requirements. For more information, log in to http://www.varetirement.org/hybrid.html.
Employees holding Full-Time positions are automatically enrolled in VRS.
|VRS Effective Date|
|If your date of hire is:||Your VRS service is effective:|
|On or before the first business day of the month||1st of the month you were hired|
|After the first business day of the month||1st of the following month you were hired|
|Please note: Saturdays, Sundays, and banking holidays are not business days.|
The City pays 18.76% and employees pay 5% of base pay (pre-tax) towards VRS benefit.
Employees should complete a Designation of Beneficiary Form only if they want benefits to be paid differently than the following order or precedence:
Children and descendants of deceased children
Appointed Executor or Estate Administrator
Other next of kin
Leaving the City but not old enough for retirement?
VRS-Hybrid | View your options
Questions? You may call 1-888-827-3847.