Your Turn to Ask
What’s the difference between myVRS and the DCP Account?
While myVRS and your defined contribution plan (DCP) account are both part of managing your VRS benefits, they serve different purposes. Keeping credentials for both up to date can help protect your information and give you a clear picture of your progress toward retirement.
What’s in myVRS?
myVRS is the secure online platform that allows you to monitor your VRS defined benefit (pension) and other member benefits, like life insurance. Through myVRS, you can:
- View your member contribution account balance (contributions you’ve made toward your VRS pension, plus any applicable interest).
- Check your retirement eligibility date, based on your years of service and your VRS plan.
- Use the Benefit Estimator and Retirement Income Planner to model retirement scenarios and plan ahead.
- Review life insurance provided by your employer and purchase optional group life insurance if applicable.
- Manage your beneficiary designations for your defined benefit pension and any group life insurance benefits you may have.
If you did not register your myVRS account within 90 days of your hire date, VRS has locked your account for your protection. To establish your online account, call us at 888-827-3847 for assistance.
What about the DCP Account?
If you participate in VRS defined contribution plans, such the Hybrid Retirement Plan or the Commonwealth of Virginia 457 Deferred Compensation Plan, your DCP Account is where you manage your savings.
By logging in as a participant, you can:
- Check your defined contribution account balances, which reflect your contributions, any employer contributions and investment earnings.
- Change your contribution amounts.
- Choose how your money is invested, with a range of options to match your retirement goals and risk comfort level.
Earlier this year, VRS transitioned record keeping for its defined contribution plans from MissionSquare Retirement to Voya Financial. If you haven’t done so already, you’ll need to register your Voya account to review your balances, update your contact information and verify your beneficiary designations. If you need assistance, contact the VRS Defined Contribution Plans Service Center at 877-327-5261.
