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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 cost to 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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    Get an Estimate of Your VRS Benefit Fast!
    Log-in to myVRS to create estimates of your retirement benefit, using different retirement dates, years of service and retirement payout options.

    Eligibility
    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.

     

     

     

     

     

     

    Costs
    The City pays 20.80% and employees pay 5% of base pay (pre-tax) towards VRS benefit. 

    Beneficiary
    Employees should complete a Designation of Beneficiary Form only if they want benefits to be paid differently than the following order or precedence:

    • Spouse
    • Children & descendants of deceased children
    • Parents
    • Appointed executor or estate administrator
    • Other next of kin

     

    Leaving the City but not Old Enough for Retirement?
        
    VRS-Hybrid  View your options

    Questions?
    Call VRS at 1-888-827-3847.

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