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A Publication for VRS Members
September 2020 | Archives

In This Edition



myVRS Financial Wellness: Get Help With Big Money Decisions

Video on Help With Big Money Decisions

Discover how myVRS Financial Wellness can help you prepare for major purchases. See how the financial decisions you make today can help lay the foundation for the future you imagine.


myVRS login

Member MBPs Now Available in myVRS

The 2020 Member Benefit Profiles (MBPs) are now available in myVRS. Your MBP provides account balance information, retirement eligibility and eligibility for other benefits, such as group life insurance and the health insurance credit.

This year, MBPs sport a fresh design to streamline access to key information about your account and projected VRS benefit. Once you log into your myVRS account, select Annual Statements under My History in the top navigation bar. The MBP is your annual benefit statement based on information your employer reported to VRS as of June 30.


Latest VRS COVID-19 Updates

COVID-19 Updates: VRS Operations and Items That May Impact You

Our top priority remains the safety and well-being of you, our members, and the VRS team. Most VRS staff will continue working remotely through December to assist you by phone, online or webinar. We continue processing retirements, paying retiree benefits, issuing refunds and responding to your retirement needs as quickly as possible.

Review the VRS COVID-19 Response Updates page for the latest on the agency’s operations and important information on the following: 

  • Furloughs and layoffs due to COVID-19, including leave-without-pay guidance related to VRS benefits.
  • Coronavirus-related distributions from certain defined contribution plans and other allowed and non-allowed distributions.
  • COVID-19-focused resources available to members through myVRS Financial Wellness.

💡 Reminder: Members should access their myVRS accounts or call 888-827-3847 with questions about their benefits. Retirement counseling appointments are available by phone, with members now having the option to call and set up a virtual meeting with a counselor.


VRS Member Spotlight: Chinh Vu, Department of General Services

Welcome to VRS’ first Member Spotlight, an occasional series featuring VRS members at work serving others throughout the Commonwealth. To tell us about your work or to nominate a colleague, contact VRS at PROffice@varetire.org.

Chinh Vu



Chinh Vu stands at the site of the new General Assembly Building in Richmond during the early stages of construction.

Chinh Vu is a VRS member who’s building more than just his retirement. As director of the Office of Construction Management for Special Projects for the Department of General Services, Vu leads a team that currently manages 11 construction and renovation projects representing more than $1 billion in state funding.

“We manage projects for multiple agencies statewide whose critical missions range from helping solve crime to caring for the disabled, educating museum visitors and even making the laws of the Commonwealth,” Vu says.

State employees in Richmond are certainly familiar with the latter project—the new General Assembly Building—rising 15 stories in Capitol Square and set to be completed in 2022.

Before starting his career with the Department of General Services in 1998, Vu served eight years as an officer in the U.S. Navy, rising to the rank of lieutenant. During his naval service, Vu gained valuable experience overseeing construction and renovation work, including a particularly challenging project at Naval Air Facility Adak in the Aleutian Islands, where Vu worked to correct environmental issues at the base in preparation for its closure.

“The Navy taught me that in order to be successful, I need to value teamwork, to manage my time handling multiple concurrent tasks, to accept new challenges with a ‘can do’ attitude and to be flexible and willing to adapt to a changing environment as it relates to new policies and procedures,” Vu explains.

Vu says he has established daily routines that allow him to be proactive and stay informed about each project so that he can ensure timely resolutions as new issues arise. A typical day includes everything from processing vendor payment requests to meeting with designers, contractors and building code review teams, to providing guidance to contracted project managers.

“Most of our projects take years to complete, from the planning stage with budget submission to the client agency’s final occupancy in building,” Vu says. These large-scale and long-term projects often come with unforeseen conditions and challenges, which according to Vu makes the final completion of a project that much more rewarding.

“There is a great sense of relief and satisfaction upon completion of any project,” Vu reflects. “I have an appreciation and take humble pride in knowing that I am able to make a difference by providing a safe and healthy working environment for the employees of the Commonwealth and the public for years to come.”

When it comes to saving for retirement, Vu says he’s been contributing to the supplemental Commonwealth of Virginia 457 Deferred Compensation Plan and the Virginia Cash Match Plan as long as he’s been a VRS member, and plans to continue full speed ahead up until he retires. He stresses saving and investing as soon as you can afford to do so.

“Know your tolerance level and plan to invest for the long haul,” Vu says.

Chinh Vu
 


Chinh Vu inspects the preserved historic façade that is being incorporated into the design of the new General Assembly Building in Richmond.


VRS Education and Counseling Info

Dive Into Your Plan With Virtual Member Education

It’s never too early or too late to start learning more about your plan and benefits. This year, VRS is expanding its offering of online retirement workshops, with both live and recorded webinars that you can access anywhere you have an internet connection.

National Retirement Security Month

One topic relevant to all VRS members is retirement security. In conjunction with National Retirement Security Month in October, VRS will host live sessions of two of its most popular webinars: Are You Ready to Retire? on October 20 and Benefit Payout Options on October 22. Register for a session to determine if you are on target to reach your retirement goals and to see which benefit payout option works best for you.

Understanding Your Investment Options

Members who participate in a VRS defined contribution plan, including all Hybrid Retirement Plan members, as well as members who participate in the Commonwealth of Virginia 457 Deferred Compensation Plan and the Virginia Cash Match Plan, are invited to join in on one of several live sessions of the Understanding Your Investment Options webinar.

Hybrid Retirement Plan Learning Channel

Hybrid plan members curious about the ins-and-outs of their plan are encouraged to explore the Hybrid Plan Learning Channel, which features a selection of fun, fast-paced animated videos that explain some of the common topics you may encounter during your retirement savings journey.

Full Schedule of VRS Webinars

For a complete list of upcoming and recorded webinars, visit the VRS Education and Counseling page if you are in Plan 1 or Plan 2, and the Hybrid Education page if you are in the Hybrid Retirement Plan.


VRS Publications

Revised Handbooks Available

VRS has updated member handbooks to reflect the latest legislative and administrative changes. To reference the most up-to-date version of your plan handbook, visit the VRS publications page. As a best practice, check the date on the back cover of printed or downloaded handbooks to ensure you have the most recent version.

 

VRS Announces Return for Fiscal Year 2020

The Virginia Retirement System achieved a 1.4% return, net of fees, on its investment portfolio for fiscal year 2020. The trust fund ended the year with approximately $81.6 billion.

Read the full release.

 

Governor Appoints Two New Members to Board of Trustees

Governor Ralph Northam recently announced two appointments to the VRS Board of Trustees:

Michael Disharoon

Michael Disharoon of Virginia Beach is a principal and portfolio manager at Palladium, a Norfolk-based investment management firm.

Susan Gooden

Susan T. Gooden, Ph.D., of Henrico is the dean of the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University.

View the entire VRS Board of Trustees.


Reasons Why Now May Be the Time to Purchase Your Prior Service

Whether you want to take advantage of the new rate structure for purchasing refunded VRS service, or you have other types of eligible service you’re considering for purchase, it may be worthwhile to look into how purchasing your prior service sooner rather than later can benefit you.

Why purchase your prior service now?

  • Boost your VRS service credit. Having more service credit means you may have the opportunity to retire earlier.
  • You have a two-year window to purchase most types of service at a lower cost.
  • You can purchase refunded service at any time while an active member. The purchase cost is based on the refund amount, plus interest compounded annually from the day you took the refund to the day you buy back the service. The sooner you purchase service, the less you will pay.  
  • When you purchase service, the money you pay for the purchase goes into your member contribution account and comes back to you at retirement.

Your member contribution account accrues 4% interest, which is compounded annually. When you retire, your benefit is calculated using a percentage of your average final compensation multiplied by your years of service credit. It is paid first from your member contributions and interest—the money in your member contribution account. After these funds are exhausted, your benefit is paid from the VRS trust fund, which is supported by member and employer contributions and investments.

Applying to Purchase Prior Service

Register for or log into your myVRS account to review prior service in your record that is eligible for purchase. Your employer's human resource office can also offer assistance. Once you are ready to make a purchase, contact VRS at 888-827-3847. For more information on purchasing prior service, including eligible service types and payment methods, visit varetire.org/pps.

 

FAQ: After I Retire, Can I Return to Work and Still Receive My VRS Benefit?

After service retirement, you may work for any employer that does not participate in the Virginia Retirement System, such as a nonprofit organization or private company. In this case, the rules are simple; you continue to receive your retirement benefits. (Note: Rules for disability retirement differ.)

However, if you’re considering returning to work with your former employer, or for a different VRS-participating employer, there are a number of things you should consider to ensure you don’t have to stop receiving your monthly benefit. To help you, VRS has developed an online course covering return-to-work rules.

The course delves into different scenarios under which you may return to work for VRS-participating employers, including teaching, filling an interim position or performing contract work, among others. Learn how various return-to-work situations impact your benefits and how best to navigate your options. Remember that there can be no verbal or written offer of reemployment between you and your current employer before retirement.

For more information on what happens if you return to work in a non-covered position, a covered position or a critical shortage position, visit the VRS Working After Retirement page.


Member Education

Member Education

Webinar courses are posted on the VRS website as they are scheduled. Register from our Education and Counseling pages.

Retirement Planning
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