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Retirement - Hybrid Plan

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Administered by Virginia Retirement System (VRS)

Group Life Underwritten by Minnesota Life

The Hybrid Retirement Plan combines the features of a defined benefit plan and a defined contribution plan. The plan applies to employees hired on or after January 1, 2014.

• The defined benefit is based on your age, creditable service and average final compensation at retirement using a formula.

• The benefit from the defined contribution plan depends on the contributions made to the plan and the investment performance of those contributions.

• In addition to a monthly benefit payment from the defined benefit plan at retirement, you may start receiving distributions from the balance in your defined contribution account, reflecting the contributions, investment gains or losses, and any required fees.

Retirement Contributions

• Funded through mandatory and voluntary contributions made by you and your employer to both the defined benefit and the defined contribution components of the plan.

• Mandatory contributions based on a percentage of your creditable compensation and are required from both you and your employer.

• You may choose to make voluntary contributions of more than the mandatory amount to the defined contribution component of the plan, and your employer is required to match those voluntary contributions according to specified per percentages.

Vesting

Defined Benefit Vesting is the minimum length of service you need to qualify for a future retirement benefit. You are vested under the defined benefit component of the Hybrid Retirement Plan when you reach five years (60 months) of creditable service.

Defined Contribution Vesting is the minimum length of service members need to be eligible to withdraw employer contributions from the defined contribution component of the plan. You are always 100% vested in the contributions that you make.

Upon retirement or leaving covered employment, you are eligible to withdraw a percentage of employer contributions. Distribution is not required by law until age 70½.

• After two years, you are 50% vested and may withdraw 50% of employer contributions.

• After three years, you are 75% vested and may withdraw 75% of employer contributions.

• After four or more years, you are 100% vested and may withdraw 100% of employer contributions.

Disability Coverage

Members participate in the Virginia Local Disability Program (VLDP). See member handbook for details (VLDP Handbook).

Normal Retirement Age

For the defined benefit component, normal Social Security retirement age.

For the defined contribution component, you are eligible to receive distributions upon leaving employment, subject to restrictions. Distribution is not required by law until age 70½.

Unreduced Retirement Eligibility

Under the defined benefit component of the plan, you become eligible for an unreduced retirement benefit when you reach your normal Social Security retirement age and have at least five years (60 months) of creditable service, or when your age and service equal 90. Example: Age 60 with 30 years of creditable service.

For the defined contribution component, you are eligible to receive distributions upon leaving employment, subject to restrictions.

Reduced Retirement Eligibility

Under the defined benefit component of the plan, you may retire with a reduced benefit as early as age 60 with at least five years (60 months) of creditable service.

For the defined contribution component, you are eligible to receive distributions upon leaving employment, subject to restrictions.

Purchase of Prior Service

For the defined benefit component, you may be able to purchase service from previous public employment, active duty military service, an eligible period of leave or VRS refunded service as creditable service in your plan. Prior creditable service counts toward vesting, eligibility for retirement and the health insurance credit. Only active members are eligible to purchase prior service. When buying service, you must purchase your most recent period of service first. You also may be eligible to purchase periods of leave without pay.

Average Final Compensation

Your average final compensation is the average of your 60 consecutive months of highest compensation as a covered employee.

VRS Web Address: www.varetire.org

Register today for myVRS, the secure online retirement planning tool where you can access your account information, create benefit estimates, and request purchase of prior service. Future enhancements will offer online beneficiary updates and online retirement applications.

ICMA-RC Web Address: http://www.varetirement.org/hybrid.html

Account Access and ICMA-RC's self-service phone line are great resources that allow you to access and manage your defined contribution account 24-hours a day, seven days a week. Click on the "Account Access" link to create a log-in.

Hybrid Retirement Flyer - Welcome New VRS Hybrid Plan Member

Hybrid Retirement Flyer - We Appreciate Our Teachers

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.