Visit the Virginia Retirement Sytem website Employer Update: A publication for VRS Employers
January 2009 A Publication for VRS Employers

myVRS Offers Online Tax Withholding Changes for Retirees

myVRS logoA new tax calculation tool in the retiree version of myVRS lets retirees figure out their most advantageous tax withholdings and make changes online. The tool makes it easy to try different withholding combinations and view the resulting estimated tax deductions instantly. Retirees can see the impact of changing marital status, personal exemptions and amount of withholdings on their federal and Virginia state income taxes. If they decide to make a change, they can simply submit the change while online.

VRS retirees choose whether they want federal and Virginia state income taxes withheld from their retirement benefit through payroll deduction and the amount they want withheld at retirement. After retirement, they can change this amount at any time online with the new tax calculation tool or by submitting a Request for Income Tax Withholding (VRS-15) pdf icon 30kb.

Service Retirement Checklist Now Available

checklistA Service Retirement Checklist, an employer’s step-by-step guide to the retirement process, is now available on the Employer Resources page of the VRS website. Designed for use when counseling VRS members about the retirement process, the checklist includes important information to discuss and tasks to complete before, during and after the retirement counseling session.

By reviewing applications for accuracy and completeness, you will help ensure your employees get all the benefits they earned in a timely manner. Check all signatures, notarizations and additional documents required before sending the complete package to VRS.

Defined Contribution Plans Transition to ING

Records for participants in the unbundled defined contribution plans transferred to ING from Great-West Retirement Services during the transition period that ended January 5, 2009. This change does not affect participants in the Optional Retirement Plan for Higher Education.

ING took over as record keeper for VRS-administered, unbundled defined contribution plans, effective January 1. These plans include:

  • Commonwealth of Virginia 457 Deferred Compensation Plan & Cash Match Plans
  • Optional Retirement Plan for School Superintendents
  • Optional Retirement Plan for Political Appointees
  • Virginia Supplemental Retirement Plan

The contract with Great-West Retirement Services, the previous record keeper, expired December 31, 2008.

ING held employer and employee transition meetings in November and December, 2008. If you were unable to attend a meeting, you can view the meeting presentations online.

View employer meeting presentation.

View employee meeting presentation.

Calendar Updates

  • December 19 - January 5, 2009
    Participant records transferred to ING from Great-West Retirement Services, with no reenrollment required. No transactions were allowed during this blackout period, although all accounts remained fully invested.

  • January 5, 2009
    Blackout period ends. Participants resume account transactions by accessing the new Defined Contribution Plans site on www.varetire.org or by calling the Plan Information Line at 1-VRS-DC-PLAN1 (1-877-327-5261).

  • January 9, 2009
    Requests for distributions received after December 10, 2008 processed.

  • Week of January 19, 2009
    Great-West Retirement Services will mail statements showing ending account balances. ING will mail statements showing beginning account balances.

  • April 30, 2009
    Last day to view and print account information from www.vadcp.com.

New Website Launched for Defined Contribution Plan Participants

Participants in the 457 Plan, Optional Retirement Plan for School Superintendents, Optional Retirement Plan for Political Appointees and Virginia Supplemental Retirement Plan can now get information about their plans online by going to the new website at www.varetire.org and selecting their plan from the Defined Contribution Plans menu. Participants can manage their accounts online securely and conveniently from the new site.

ING, the new record keeper for VRS-administered defined contribution plans, mailed participants Personal Identification Numbers (PINs) to use to set up secure access accounts. Once they log on, defined contribution plans participants can:

  • Check their account balances.
  • Manage their investments and transfer money among funds.
  • Change their contribution amounts.
  • Monitor their funds’ performance.
  • View, download and print account statements.
  • Download forms.
  • Download their account data to Quicken and Microsoft Money.

Participants in the Optional Retirement Plan for Higher Education (ORPHE) also can access plan information by going to www.varetire.org and selecting the Defined Contribution Plans tab. ORPHE participants will continue to access account information through their respective providers, Fidelity Investments or TIAA-CREF.

Your Turn to Ask

Q: Will service rendered in a pre-VaLORS position be counted toward the hazardous duty supplement for members who go to work for a political subdivision that elects enhanced benefits for hazardous duty positions (formerly known as LEOS)?


A: Yes. Legislation signed into law in 2004 (SB 311) allows service rendered prior to October 1, 1999 in a position that is now a VALORS-covered position to count towards the hazardous duty supplement. This law applies to members retiring from a position covered by the State Police Officers' Retirement System or a position covered for enhanced benefits for hazardous duty positions on or after October 1, 1999.

While this question relates specifically to service rendered prior to October 1, 1999 in a position that became VaLORS covered, any hazardous duty service rendered with an employer participating in VRS, regardless of whether or not the employer has elected to provide the enhanced benefits, counts toward the 20-year requirement for the hazardous duty supplement. The member must retire from a positon covered under SPORS, VaLORS or hazardous duty position with a political subdivision offering the enhanced benefits.

To get credit for the hazardous duty service, the member should have the former employer complete and mail the Certification of Hazardous Duty (VRS-77) pdf icon 22kb to VRS at the time of termination or retirement. In lieu of the form, VRS also will accept a letter from the former employer that gives the dates of service rendered in the hazardous duty position. Once VRS receives this information, it becomes a permanent part of the member’s VRS record.

Ask your question

To submit a question, send an e-mail to the editor. Only questions of a general nature are published. If your question is an individual case or involves sharing any personal information, such as Social Security number, do not use e-mail. Instead, call the VRS Customer Contact Center at 1-888-VARETIR (827-3847) or contact your Employer Representative.

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