In a process that started almost a decade ago with a vision to automate member services, VRS began a multi-year effort to replace legacy computer systems with a web-based system to efficiently serve members, retirees and employers.
In 2016, we launched a new myVRS for members, offering new capability for online refund requests and increased security to protect members' personal and financial information. With a modernized myVRS, VRS is helping members plan for tomorrow, today, by providing a secure and reliable source of information and superior customer service.
Click on the timeline below for additional details on each phase of the 2016 developments as well as training and education resources. Select Where We're Going above to view next stages.
The new myVRS for members offers an enhanced user experience and additional security features. Learn more about myVRS in our overview video.
VRS transitioned from a paper-driven refund procedure to an online process in myVRS that delivers faster service for members and streamlines functions for employers. Learn more about the online refunds process in this short video.
The evolution of myVRS will continue in 2017 with a new retirement planner tool for members, a fresh design for the benefit estimator and full integration of Hybrid Retirement Plan member defined benefit and defined contribution accounts with the benefit estimator. Employers will want to stay up to date on these changes so that you may guide VRS members to these resources. You also will notice a few navigation changes as myVRS for employers merges with myVRS Navigator.
In 2018, new functionality will allow members to update their beneficiaries and apply online for retirement benefits.January 2017
Purchase of prior service (PPS) provisions changed on January 1, 2017, as new legislation went into effect. Following an update to myVRS Navigator, employers will notice a new look for the Service Purchase tab in myVRS Navigator and will once again be able to assist members with cost estimates and payment arrangements.
Using the Benefit Estimator, members can create VRS retirement benefit estimates based on different retirement dates or payout options to see which will best meet their needs. In the new goal-based Retirement Planner, they can input a benefit scenario and add other sources of income and expenses, including income taxes, health insurance and living expenses. Based on their individualized retirement goals, the planner will help members project their income and expenses in retirement.
The new home page in myVRS will fully integrate Hybrid Retirement Plan members' defined benefit and defined contribution accounts with the benefit estimator.
VRS will integrate myVRS for employers within myVRS Navigator. Reports currently housed in myVRS for employers will be relocated to myVRS Navigator for ease of access. In addition, the myVRS access button will no longer appear globally on every page of myVRS Navigator. Instead, the button will appear on the member's consolidated view page, taking the employer directly into the individual member's myVRS view. The button will only appear for those employer personnel who have the "Update" or "View" roles. Your Security Administrator has authority to add or change roles as needed.
Learn more: Modernization Update Webinar Series for Employers.
Starting in April, members may log into their myVRS accounts to review prior service available for purchase, obtain a cost quote and initiate a purchase of service. They will then either make a lump-sum payment directly to VRS or coordinate purchase payment agreements with the employer. Using the employer view into the individual member's myVRS account, you may assist employees who need help navigating the purchase process.
myVRS for retirees will get a new look and feel along with security enhancements that will further safeguard retiree account information.
New college and university faculty members can use their myVRS accounts to compare and contrast their retirement plan options.
Members of the Optional Retirement Plan for Higher Education and members of the Optional Retirement Plan for Political Appointees can use their myVRS accounts to elect their retirement plan and provider.
VRS will offer online retirement, which will reduce paperwork for employers and members while ensuring employers have access to the process.
Members for the first time will be able to update their beneficiaries online through myVRS.