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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)
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 19.66% of base pay and employees pay 5% towards VRS benefit.
Estimate of VRS Benefit
Login to MyVRS to create estimates of your retirement benefit using different retirement dates, years of service, and retirement payout options.
Employees should complete a Designation of Beneficiary Form only if they want benefits to be paid differently than the following order or precedence.
2. Children and descendants of deceased children
4. Appointed Executor or Estate Administrator
5. Other next of kin
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
Questions? You may call 1-888-827-3847.