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 > Virginia Retirement System Receives Award for Plan Design and Administration

Virginia Retirement System Receives Award for Plan Design and Administration

RICHMOND, August 2, 2018 — The Virginia Retirement System has received a 2018 Leadership Recognition Award from the National Association of Government Defined Contribution Administrators, Inc. (NAGDCA) for outstanding achievements in plan design and administration for the Optional Retirement Plan (ORP) Online Election project.

Launched in December 2017, this enhancement to the myVRS secure online retirement planning system allows new college and university faculty and political appointees to compare plan features in order to choose between the ORP or the VRS hybrid or applicable defined benefit plan. The enhancement eliminates paper processing and creates a secure and robust online experience that provides employees with resources needed to make an informed decision about their retirement plan options. VRS worked interdepartmentally to design, develop, communicate and educate newly hired eligible employees about the online tool.

"We are honored to be recognized for excellence in the online plan election project," VRS Director Patricia S. "Trish" Bishop said. "And we are especially pleased that so many of our departments at VRS were involved collaboratively in the project; it was a true team effort."

Communications for the project included a flyer, letters, publications, brown bag sessions, online training, a resource library and website updates. As of earlier this year, 72 percent of faculty and 61 percent of political appointee new hires were making their retirement plan election online.

NAGDCA's mission is to unite representatives from state and local governments along with private sector organizations that service and support governmental defined contribution plans. The award will be presented at NAGDCA's annual conference September 23-26 in Philadelphia.

For more information on NAGDCA and the award, visit www.nagdca.org.

About Virginia Retirement System

VRS ranks as the 20th largest public or private pension fund in the U.S. and the 44th largest in the world, serving approximately 705,000 active and inactive members, retirees and beneficiaries. Active members include about 147,000 teachers, 108,000 political subdivision employees and 88,000 state employees. VRS paid out approximately $4.6 billion in benefits to more than 206,000 retirees and beneficiaries in fiscal year 2018. About 86 percent of VRS retirees and beneficiaries reside in Virginia.

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