Naming a Beneficiary
Hybrid Plan members: See related Hybrid Retirement Plan resources.
Defined Benefit Plans
You can name a beneficiary at any time while you are an active, deferred or retired member. Submit a Designation of Beneficiary (VRS-2) to VRS to name a beneficiary for your defined benefit member contributions and VRS Group Life and Optional Life Insurance, if you are eligible.
Defined Contribution Plans
If you participate in the Commonwealth of Virginia 457 Deferred Compensation Plan and Virginia Cash Match Plan, you'll need to submit the Beneficiary Designation form to name a beneficiary for these plans. Be sure to keep copies for your records. You will not receive a copy or confirmation of receipt.
Who Can You Name as a Beneficiary?
You can name any living person or an entity such as an eligible trust or charity as your beneficiary.
Primary and Contingent Beneficiaries
You can name one primary beneficiary or multiple primary beneficiaries. Upon your death, each primary beneficiary receives a share of any retirement contributions and interest in your member contribution account and any life insurance benefits you may have, depending on how you designate your primary beneficiaries for each payment. If you name multiple primary beneficiaries, the proceeds will be split equally, unless you instruct otherwise on the form. If you need to designate additional beneficiaries, list them on the Designation of Beneficiary - Continuation (VRS-2A) at the time you complete the VRS-2 and send both forms to VRS.
You can name a contingent beneficiary or beneficiaries. If your primary beneficiary or beneficiaries are deceased at the time of your death, your contingent beneficiary or beneficiaries receive benefit payments.
Submit a Designation of Beneficiary-Continuation (VRS-2A) with the VRS-2 if you wish to name more than four beneficiaries.
Changing Your Beneficiary
VRS is required by law to pay benefits according to the latest beneficiary designation in your VRS record. Review your beneficiary designation after a personal milestone such as a change in marital status, the birth or adoption of a child, or as you near retirement. To change your beneficiary, send a new Designation of Beneficiary (VRS-2) to VRS as soon as possible. If you cannot remember your designation, send a VRS-2 or write to Minnesota Life, P.O. Box 1193, Richmond, VA 23218-1193. Neither VRS nor Minnesota Life can provide your designation over the phone.
If There Is No Beneficiary
If there is no valid beneficiary designation on file or your beneficiary is deceased at the time of your death, VRS will pay benefits according to the following order of precedence, as required by law:
- First, to your spouse.
- If no spouse, to your natural or legally adopted children and descendants of your deceased natural or legally adopted children.
- If none of the above, to your parents equally or to the surviving parent.
- If none of the above, to the duly appointed executor or administrator of your estate.
- If none of the above, to your next of kin under the laws of the state where you resided at the time of your death.
P.O. Box 1193
Richmond, VA 23218-1193