Virginia Retirement System

The Virginia Retirement System 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, refer to the VRS website and Employment Policies & Procedures Manual.

Employer Code: 55210

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.

Cost

The City pays 20.96% of base pay and employees pay 5% towards VRS benefit.

Estimate of VRS Benefit

Log in to MyVRS to create estimates of your retirement benefit using different retirement dates, years of service, and retirement payout options.

Beneficiary Information

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

  1. Spouse
  2. Children and descendants of deceased children
  3. Parents
  4. Appointed Executor or Estate Administrator
  5. Other next of kin

For additional information, review Plan 1 or Plan 2.

Buying Back Service

If you previously worked in a VRS covered position and received a cash-out, or you were in the military, you may want to buy back your service. It's less costly if you apply within the first 3 years of rehire (VRS membership date). The cost is 5% of your earnings at the time of your Application for Purchase of Prior Service Credit (or 5% of the average of your highest 3 consecutive years of earnings, if higher than your current earnings). The cost to buy back service is much higher after 3 years.

Other next of kin
Age 50, 10 Years of Service

You can retire and receive full or unreduced benefits as early as:

  • Age 65, 5 Years of Service
  • Age 50, 30 Years of Service

Leaving the City but not old enough for retirement?
View your options

Questions? You may call 1-888-827-3847.