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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 20.80% 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 costto the employee.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
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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 20.80% 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 & 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
Call VRS at 1-888-827-3847.