Help members understand their VRS retirement member benefits. Supplemental savings plans help you save more for retirement. The tables below include employer contribution rates for VRS retirement plans and other post-employment benefits by fiscal year. Considerations when you move, retire, leave your job, have a family change or return to work. Retiree Cost of Living Adjustment 4% effective July 2022 The Virginia Retirement System, an independent state agency based in Richmond, delivers retirement and other benefits to covered Virginia public sector employees through sound financial stewardship and superior customer service. The member dies in service and your survivor or beneficiary is eligible for a monthly death-in-service benefit. Historical COLA adjustments WebMarch 2022 COLA Cost of Living Adjustment Hybrid Retirement Plan Plan 1 Plan 2 The following cost-of-living adjustments (COLAs) for fiscal year 2023 take effect July 1 for eligible retirees in Plan 1, Plan 2 or the Hybrid Retirement Plan (defined benefit component on Plan 1: 3.85% Plan 2 and Hybrid Retirement Plan: 3.00% Resources and links to assist with GASB and other financial reporting related to VRS-administered benefit plans, including fiscal year-end reminders. In-person appointments Tuesday & Wednesday only. Retiree Cost of Living Increase Upon retirement or leaving covered employment, members are eligible to withdraw a percentage of employer contributions. The retiree health benefits program has published Fact Sheetswith information about retirement planning, prescription drugs, eligibility and more! Counseling Center 1-888-827-3847 As a VRS employer, you're automatically subscribed! Joint Legislative Audit Review Commission, Just for Hybrid Plan Active & Retired Members, Defined Contribution Learning Opportunities, Virginia Sickness & Disability Program (State Employees), Joint Legislative Audit Review Commission (JLARC), Virginia Sickness & Disability (state only). Cost of Living Adjustments (COLAs) for retirees and DROP participants in the Employees', Police Officers and Uniformed Retirement Systems, in the amount of 3.7%, will be effective July 1, 2023. The COLA is effective July 1 following one full calendar year (January 1 to December 31) if a member is in any of the following circumstances: The member is within five years of qualifying for an unreduced retirement benefit as of January 1, 2013. The Fairfax County Web site is being translated through "machine translation" powered by Google Translate. Visit the VRS Newsroom for news releases. WebVirginia Retirement System; return to work. The member retires directly from short-term or long-term disability under the Virginia Sickness and Disability Program (VSDP). The following cost-of-living adjustments (COLAs) take effect July 1 for eligible retirees in Plan 1, Plan 2 and the Hybrid Retirement Plan (defined benefit component). Executive Director Apply Online Log in COVID-19: Limited in-person appointments available.
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