How do I contact VRS?
VRS Defined Benefit Plans Support
- Customer Contact Center:1-888-827-3847. (select option 3 for myVRS online assistance)
- International Dialing:+1 804-649-8059.
- Hours: Monday-Friday, 8:30 a.m. – 5:00 p.m. | Map & Directions. Note: Best times to call are Wednesday, Thursday and Friday afternoons.
How much is the VRS health insurance credit?
On May 22, Virginia Retirement System (VRS) staff provided VACo and other relevant associations with a webinar detailing provisions of HB 1513 (McQuinn), which was recently enacted by the 2020 General Assembly and requires school divisions to provide a health insurance credit (HIC) of $1.50 per year of service to non- …
Can I take money out of my VRS?
Active VRS members may not take refunds or withdrawals from defined benefit pension plans: VRS Plan 1, VRS Plan 2 or the Hybrid Retirement Plan defined benefit component.
What type of retirement plan is VRS?
About VRS Plan 1 VRS Plan 1 is a defined benefit plan. The retirement benefit is based on your age, service credit and average final compensation at retirement using a formula.
What is the full form of VRS?
Voluntary Retirement Scheme (VRS)
How long does a VRS refund take?
The refund process takes 45-60 days after your employer last reports you to VRS or after the date VRS receives your request, whichever is later. If your refund of taxable funds is less than $200, it is paid directly to you by direct deposit to the account of your choice and no taxes are withheld.
How is VRS compensation calculated?
VRS Calculation The VRS amount is limited to an amount that is equal to three months’ salary of each completed year of service. Or in another way of calculation is the salary at the time of retirement multiplied by the rest of the months of service before normal retirement.
How do you take VRS?
Presently, all employees on completion of 30 years qualifying service can take voluntary retirement by giving 3 months notice. Group A & B Officers who had entered service before the age of 35 years have the right to retire after attaining the age of 50 years by giving a similar notice.
How do I get a refund from VRS?
To request a refund, log into your myVRS account and submit an online request for a refund. If you do not have a myVRS account, you will need to register. Refunds cannot be processed until at least a full calendar month after you have left all employment with a VRS-participating employer.