In a process that started almost a decade ago with a vision to automate member services, VRS is on modernization journey to replace legacy computer systems with a web-based system to efficiently serve members, retirees and employers.
With a modernized myVRS, VRS is helping members plan for tomorrow, today, by providing a secure and reliable source of information and value-added customer service.
Click on the timeline below for additional details on each phase 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.
Purchase of prior service (PPS) provisions changed on January 1, 2017, as new legislation went into effect. Using the Service Purchase tab in myVRS Navigator, employers can 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 fully integrates Hybrid Retirement Plan members' defined benefit and defined contribution accounts with the benefit estimator.
VRS integrated myVRS for employers within myVRS Navigator. All reports are now housed in myVRS Navigator for ease of access. The myVRS access button appears on the member's consolidated view page, taking the employer directly into the individual member's myVRS view. The button only appears 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.
Members log into their myVRS accounts to review prior service available for purchase, obtain a cost quote and initiate a purchase of service. They 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.
Retiree accounts were integrated with myVRS, creating one unified system to further safeguard retiree account information and provide additional educational information.
New college and university faculty members can use their myVRS accounts to compare and contrast their retirement plan options.
The evolution of myVRS continues with the introduction of a financial wellness program and additional features for members in optional retirement plans. VRS then turns its full attention to online retirement, starting with online certification by employers in 2018, followed by online applications by retiring members in early 2019.
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.
myVRS will provide members with personalized financial education articles, calculators, videos and other money-management best practices.
Employers will receive notification of member retirement applications via myVRS Navigator and will also certify all applications in myVRS Navigator versus signing a paper form.
VRS members will have the option to submit retirement applications online through myVRS. Members also may enroll in the Health Insurance Credit as part of the retirement application process.
Members for the first time will be able to update their beneficiaries online through myVRS.