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VRS Retirement Plan
The Virginia Retirement System administers the defined benefit plan covering most of Virginia’s public sector employees through the following systems:
- Virginia Retirement System (VRS)
- State Police Officers’ Retirement System (SPORS)
- Virginia Law Officers’ Retirement System (VaLORS)
- Enhanced Benefits for Political Subdivision Employees in Hazardous Duty Positions
- Judicial Retirement System (JRS)
Under a defined benefit plan, retirement benefits are determined by a formula and are not based on the accumulated contributions and interest in members’ accounts. The formula amount depends on age at retirement, average final compensation (average of the 36 consecutive months of highest compensation not including any overtime or temporary pay or pay for extra duties) and years of service.
The plans are funded by contributions from employers and members, which are invested to provide future benefits for members and beneficiaries.
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