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

myVRS Users Can Access 2009 MBPs in September

myVRS: At Your Service

VRS members can view and print their 2009 Member Benefit Profiles (MBPs) in their myVRS accounts, beginning the first week of September. They can access MBPs back to 2006.

In addition to accessing their MBPs, members are finding other advantages of monitoring their retirement benefits online. Using myVRS, they can:

  • Get updated information, including account balance, compensation, service credit and retirement eligibility at any time.
  • Estimate their retirement benefit, trying out different retirement dates and options.
  • Estimate their net monthly income in their first year of retirement, using the myVRS retirement planner.
  • Change their contact information, including address.
  • Check on the status of a retirement application, purchase of prior service credit or refund.

Encourage members to log into their myVRS accounts or set up their accounts well before MBPs are available in September.

VRS has prepared a variety of communications you can use to promote myVRS and help members set up accounts. The communications are available on the Employer Resources page of the VRS Web site at www.varetire.org under Employee Communication Tools.

VRS will begin mailing MBPs to employers in September. If you are an employer who has gone paperless, be sure to remind members that their MBPs will be online this year. They will not receive printed copies. VRS will notify you by e-mail as soon as the MBPs are available for viewing in myVRS.

Resolutions for Alternate Contribution Rates Due July 1

Resolutions from employers electing the alternate contribution rates are due to VRS by July 1, 2009. The 2009 Appropriations Act allows counties, cities, towns and school divisions meeting certain criteria to elect alternate employer contribution rates for fiscal year 2010 by resolution of their governing bodies.

VRS recently mailed a letter to eligible employers, notifying them of their eligibility to participate. The letter included a draft resolution to certify the use of the alternate contribution rates to VRS.

VRS No Longer Requires Notarization of Retirement Applications Effective July 1

Seal of Virginia

The 2009 session of the Virginia General Assembly passed legislation removing the requirement for service and disability retirement applications to be notarized, effective July 1, 2009. Applications submitted prior to July 1, 2009, however, must be notarized.

VRS is revising the Application for Service Retirement (VRS-5) and Application for Disability Retirement (VRS-6) to reflect this change. The revised forms will be posted to the VRS Web site on July 1, 2009.

Separate Passwords Needed for Defined Contribution Plans and myVRS

ING mails passwords to employees, which they can use to log into their defined contribution plan accounts. Advise employees that this password is used only for logging into the secure area of the Defined Contribution Plans Web site. The password cannot be used to access myVRS. Instead, employees have a separate password for accessing their myVRS account.

Passwords are required to enroll in a plan, view an account balance, change contribution amounts or select an investment option. Passwords are not required to access general plan information.

Your Turn to Ask

Q: Can political subdivisions and school division employers participate in the Commonwealth's 457 Plan?


A: Yes. The Commonwealth of Virginia’s 457 Deferred Compensation Plan (457 Plan) is not just for state employees. Virginia’s political subdivisions and school boards also can adopt the 457 Plan by resolution of the governing body, even if they do not participate in the VRS defined benefit plan. Political subdivisions and school boards also may adopt the Cash Match Plan, but are not required to do so.

The 457 Plan gives employees the option to save for retirement on a tax-deferred basis. Employees choose from a variety of investments that carry low fees and are selected and monitored by the VRS Investments Department.

Refer to the 457 Plan Features and Highlights pdf icon 296kb, a summary of plan provisions, under the Defined Contribution Plans tab on the VRS Web site at www.varetire.org. Select Commonwealth of Virginia 457 Plan from the drop-down menu. For more detailed information, view the plan document pdf icon 213kb and master trust pdf icon 52kb, also on the Web site. Or, request an electronic information packet by sending an e-mail to Susan Keith at skeith@varetire.org.

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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