Virginia Retirement System

Virginia Retirement System (VRS)


UVA partners with VRS to offer a robust retirement plan so you can save for your future. In addition to retirement savings, you have other benefit coverage as a VRS member:

  • Life insurance
  • Disability coverage
  • Long-term care benefits
  • Benefit (for your beneficiary or survivors) if you die

Commonwealth of Virginia Matching Contribution Retirement Plan For Salaried Employees information. 

Saving for retirement is one of the greatest gifts you can give yourself

Make the Most of VRS Membership

  1. UVA and VRS are here to support your retirement goals.

    As a VRS member, you have resources that allow you to explore and maximize your plan.

  2. Contact VRS and read VRS Member News

    www.varetire.org 

    888.827.3847

    VRS Member News

  3. Learn more about the VRS Hybrid Plan

    Hybrid Retirement Plan Learning Channel

  1. Consult the VRS Member Handbook

    The Member Handbook explains the components of your plan and how to work toward your retirement. It also describes benefits for you and your loved ones. Consult the Handbook for information regarding Plan1, Plan 2, or the Hybrid Plan.

  2. Log in to myVRS

    Take advantage of online planning tools, member education and counseling, financial planning and investments, and more.

    Log In

Enroll in VRS

Learn more about who is eligible, what plans are availabe to you, and how you enroll.

  • Who is eligible?

    VRS is available to the following employee types:

    • University Staff
    • Faculty
    • Classified Staff
    • Research Associates
    • Research Scientists

    Medical Center team members who were previously enrolled in VRS Plan 1 or Plan 2 may be eligible to enroll in VRS. To do so, please complete a VRS-65 form.

  • What VRS plan will I be in?

    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.

  • How do I enroll?

    For new hires only, navigate to Workday>Inbox and follow the instructions for your new hire enrollment action.

Retirement: Are You Ready?

This presentation is for current Plan 1 and Plan 2 members (hired before January 1, 2014) who are within five years of retirement guides you through important retirement decisions (such as when to retire and selecting a benefit payout option). Other topics include using myVRS and benefits after retirement.

How does VRS work?

VRS Plan 1 and VRS Plan 2 are defined benefits plans, while the VRS Hybrid Retirement Plan has defined benefit and defined contribution components. Retirement benefits are based on age, creditable service, and average final compensation at retirement.

Detailed Plan Comparison Guide

  • VRS Hybrid Retirement Plan

    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.

    Contact VRS at 1.855.291.2285 or vrshybridsupport@varetire.org with questions.

    Defined Contribution Component

    A defined contribution pays a retirement benefit based on 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 to the Hybrid 457 Deferred Compensation Plan and receive a 1% cash match to the Hybrid 401(a) Cash Match Plan
    • 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% in the Hybrid Cash Match Plan
    • 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.

    VRS_The_Value_of_Contributing_More_Money_Over_Time-Benefits-Retirement-VRS-Media.jpg

    Contact ICMA-RC at 1.877.327.5261 or InvestorServicesCommonwealthofVA@icmarc.org with questions.

    Key Resources

  • VRS Plan 2 and VRS Plan 1

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

  • Can I receive retirement annuities?

    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.

Explore VRS Retirement Options

  • VRS Life Insurance

    If you participate in VRS, you can enroll in the VRS Basic Life Insurance Program at no additional cost. Get even more coverage by purchasing Optional Group Life Insurance.

    Learn More
  • Virginia Sickness and Disability Program

    If you participate in VRS, you are also enrolled in the Virginia Sickness and Disability Program (VSDP) for short- and long-term disability coverage.

    Learn More
  • 403(b) and 457 Supplemental Savings Plans

    If you are eligible for a retirement plan, you also have access to supplemental programs that save extra money. Housestaff, temp, and wage employees may also enroll in a supplemental savings plan.

    Learn More