After you retire, continue to keep VRS informed of any changes in your address and other information.
VRS sends your annual tax form, the Retiree News and other important information to you throughout the year. If you relocate, please notify us using one of the options below:
- Log into myVRS and select Update My Profile;
- Complete a Name and Address Declaration for Retirees (VRS-58); or
- Write a letter to VRS to change your home mailing address. Include your name, Social Security number, new address and signature in the letter.
Direct Deposit Information
Most VRS retirees receive their retirement payments through Direct Deposit. If you change financial institutions, submit a new Authorization for Direct Deposit of Monthly Benefit (VRS-57).
It takes approximately 30 days before VRS is able to change your deposit to a new financial institution.
If you selected the Survivor Option when you retired, you may revert to the Basic Benefit or you may name another person to receive survivor benefits under certain conditions. You can change your option if:
- Your survivor dies;
- Your survivor is your spouse and you divorce with fewer than 20 years of marriage;
- Your survivor is your spouse, you divorce after 20 or more years of marriage and your survivor dies, remarries or consents in writing to a change in the benefit; or
- You provide VRS a written consent from your survivor giving up claim to a benefit along with proof of your survivor’s good health.
Note: You can change the Survivor Option only once during your lifetime. Changing survivors may result in a reduction of your monthly benefit. In addition, if you are divorced and VRS has an Approved Domestic Relations Order (ADRO) on file, your benefit must be paid as directed by the ADRO.
If you revert to the Basic Benefit instead of naming a new survivor, the Basic Benefit is payable retroactively no more than 60 days before the date VRS receives your completed authorization form (VRS-5C). In the case of a divorce, the change is effective as of the date of the final divorce decree or no more than 60 days before the date VRS receives your completed authorization form.
To update or modify your payout options, call VRS toll-free at 1-888-827-3847.
You can change your tax withholding in myVRS or by submitting the Request for Income Tax Withholding (VRS-15). You may need to change your withholding if you have married, divorced or had other changes affecting your tax status during the past year.
If you decide not to have taxes withheld, you may be responsible for paying estimated taxes, and there may be tax penalties if your withholding and estimated tax payments are not sufficient.