Carrier: Virginia Retirement System (VRS)
Customer Service Phone: 888-827-3847
Virginia Retirement System Website
Augusta County Schools offers retirement benefits through the Virginia Retirement System (VRS) for all full-time employees working a minimum of 35 hours per week.
The Virginia Retirement System (VRS) fund provides future lifetime monthly benefits to eligible retirees. VRS administers three retirement plans for each employer group.
PLAN 1 is a defined benefit plan for employees hired before July 1, 2010 who were vested as of January 1, 2013.
PLAN 2 is a defined benefit plan for employees hired between July 1, 2010 and December 31, 2013. Employees hired before July 1, 2010 and not vested as of January 1, 2013 are also Plan 2 members.
The HYBRID PLAN is a combination of defined benefit and defined contribution plans for employees hired on or after January 1, 2014.
Defined benefit plans provide a monthly benefit during retirement according to a formula based on age, years of service, and average final compensation.
Defined contribution plans provide a benefit based on contributions to the plan plus net investment returns on those contributions.
Details about each of the plans can be found on the VRS webpage at www.varetire.org.
MyVRS is a secure member online service which allows members to access their own VRS accounts. Through myVRS, members can view their most recent member benefit statements, change personal information, and create retirement estimates based on live data from the employee's file, among many other features. For more information about myVRS, visit the Virginia Retirement System website and click on the section "About myVRS" in the myVRS Access tab.
NOTE: Newly hired Hybrid Retirement Plan members can now "preset" their preferred voluntary contribution amounts before they start work and are officially reported through myVRS Navigator.
Go to www.varetire.org/gohybrid to preset your voluntary contribution amounts for the defined contribution component of their plan. Once the process is complete, elections will become effective the first available pay period of the quarter following your VRS enrollment.