Virginia Retirement System (VRS)

VRS is available to the following employee types:

• University Staff
• Faculty
• Classified Staff
• Professional Research Staff

If you are a Medical Center employee who previously participated in a VRS Plan 1 or Plan 2 prior to 2014 that has not been refunded, you may be eligible to choose between MCRP and the Virginia Retirement System (VRS). If you choose VRS, you are required to fill out an election of retirement plan (VRS-65) to confirm your choice; you will receive this electronically through Workday as a DocuSign after submitting your benefits election.

If you were hired on or after 1/1/14, you can enroll in the VRS Hybrid Plan. If hired earlier, you may be grandfathered into VRS Plan 1 or VRS Plan 2.

• VRS Hybrid Plan – hired on or after 1/1/14; or participate in VRS and have no previous VRS service credit
• VRS Plan 2 – hired on or after 7/1/10; or were a member but not vested (had <5 years of service credit) as of 1/1/13
• VRS Plan 1 – hired before 7/1/10

If you were enrolled in VRS Plan 1 or VRS Plan 2 and did not take a refund, you can remain in that plan.

• For new hires/newly eligible, navigate to your Workday Inbox ("My Tasks") and follow the instructions for your new hire enrollment action.

• You are required to fill out an election of retirement plan (VRS-65) to confirm your choice of retirement plan if you are eligible for more than one plan. You will receive this electronically through Workday as a DocuSign after submitting your benefits election.

Defined benefit + defined contribution. Here’s how it works:

Defined Benefit Component

A defined benefit pays a monthly retirement benefit based on age, total service credit, and average final compensation.

• VRS manages investments - and related risk.
• Employees contribute a mandatory 4% of creditable compensation / month.
• UVA makes a separate contribution directly to VRS on behalf of all covered employees.
• Normal retirement age is the Social Security retirement age.

Defined Contribution Component

A defined contribution is a retirement account funded by contributions by you and your employer, as well as the investment performance of those contributions. The more voluntary contributions you make, the more your benefit will increase.

• You manage investments - and related risk.
• You contribute a mandatory 1% of your creditable compensation each month and receive a 1% cash match in the Hybrid 401(a) Cash Match account with Voya.
• You may also voluntarily contribute up to 4% of your salary to the Hybrid 457 Deferred Compensation Plan and UVA will match up to 2.5%; this match goes into the Hybrid 401(a) Cash Match account with Voya
• Make the maximum contribution in the 457 program and you become eligible for the 403(b) savings program, where you receive a 50% match (up to $40/month)
• You may receive distributions upon leaving employment, subject to restrictions

The chart below shows the long-term advantage of saving up to 4% of your income in a deferred savings plan.

Contact Voya Financial at 877.327.5261 with questions.

Key Resources

• Hybrid Plan Overview
• Defined Contribution Website
• VRS Hybrid member handbook

If hired before 2014, you may be grandfathered into these plans.

• VRS Plan 2 Handbook
• VRS Plan 1 Handbook

You may not receive a retirement annuity while UVA is making contributions to your account. If you are receiving a retirement annuity from any Commonwealth of Virginia agency, please contact the HR Solution Center.