Changes to the Virginia Retirement System (VRS) retirement benefits were approved by the state legislature (House Bill 1189/Senate Bill 232) and will take effect on July 1, 2010. The bill creates a new benefit structure referred to as the VRS Plan 2. Full-time employees who begin employment with PWCS on or after July 1, 2010 will be members of VRS Plan 2, which includes new provisions.
Current members, deferred members, and current retirees are members of Plan 1. Current employees are current members; deferred members are those who are not currently employed, but who still have service credit in VRS. "Rehired" members are those who take a refund of the funds in their member contribution account from a previous position and return to covered employment with no service credit in VRS.
Plan 1: (Employees hired before July 1, 2010 who have not taken a refund)
- Normal retirement is 50 years of age with 30 years of service and also age 65 with five years of service;
- Early retirement with reduced benefit is age 55 with 5 years of services;
- Ability to purchase prior military, federal, state, and/or local public service, within three (3) years of VRS membership date;
- Disability Benefits
Plan 2: (Employees hired or rehired on or after July 1, 2010, with no service credit in VRS)
- Early unreduced retirement is 60 years of age with 30 years of service and also normal Social Security age with 5 years of VRS service credit.
- Early retirement with reduced benefit is age 60 with 5 years of service.
- Members hired or rehired on or after July 1, 2010 will pay a normal cost rate as a percentage of compensation or average final compensation for eligible prior public service if purchased within one (1) year of becoming eligible. Plan 2 members may begin purchasing service effective January 1, 2011. Plan 2 members who purchase service after their one-year eligibility period will pay actuarial cost.
- Purchasing VRS refunded service and active duty military leave remain unchanged.
- Disability Benefits.
- Beneficiaries are automatically set up in order of precedence; spouse, child(ren), parents, siblings, etc.
Part-time employees are not eligible for VRS benefits.
- MyVRS User Guide
- VRS Plan Comparison
- VRS Handbook - Plan 1
- VRS Handbook - Plan 2
- VRS Handbook - Hybrid
- VRS Member Publications
- Purchase of Service Credit
- Steps to Retirement
- Retiree Exit Package
- Service Retirement Package
- Retirement Forms
- Steps to Retirement
- VRS Calculator
- Beneficiary Change Form
- Beneficiary Continuation Form
- 2012 Retirement Seminar VRS Presentation
- 2012 Retirement Seminar SSN Presentation
- 2012 Retirement Seminar PWCS Presentation