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A Publication for VRS Members
February 2022 | Archives

In This Edition

America Saves Week: myVRS Financial Wellness Helps You Build Financial Resilience. Financial resiliency means strength, stability and staying on track to reach your goals. During America Saves Week, February 21 – 25, learn where you can build up your financial resilience and be prepared for anything life throws your way.
Save Automatically. The easiest way to make saving money a habit is to do it automatically. Use Account Access to manage your contributions for the Hybrid Retirement Plan or the Commonwealth of Virginia 457 Deferred Compensation Plan. A little extra set aside from each paycheck can go a long way in the long term.
Save for the Unexpected. Not everything unexpected is an emergency—but it pays to have three to six months of expenses saved as a buffer when you really need it. Get started with the Setting Up an Emergency Fund mini-course in myVRS Financial Wellness.
Save by Reducing Debt. Reducing debt comes with benefits like increasing your credit score, saving money on interest and fees, and freeing up more disposable income. The myVRS Financial Wellness Credit Card Pay Down Tool helps you get strategic, showing different approaches you can take to reduce and eliminate your debt.
My VRS Financial Wellness powered by Enrich

Member Tips: Claim Your Online Accounts Today

VRS takes measures every day to keep your information secure. VRS Director Trish Bishop explains how claiming and verifying your myVRS and defined contribution accounts add another layer of online security.

An image of a symbol of a laptop computer with a padlock on the top right corner of the screen. To the right of the image is text which reads claim your account online. The VRS logo is in the lower right corner of the image. Clicking the image will play the video.

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Register for Spring Member Education Webinars and One-on-One Counseling

Whether you have questions about your plan or you just want to learn more about preparing for retirement, VRS is dedicated to helping you understand your benefits. Visit the Education and Counseling page to register for convenient virtual retirement counseling and to see a full list of member education sessions.  

View several upcoming webinars live. Click the titles to register or view recorded versions at your own convenience.

Are You on Track?: February 23, 1 – 2 p.m.

Plan 1 and Plan 2 members will explore VRS membership and the importance of planning now for the future. Topics include an overview of VRS benefits and optional programs, purchase of prior service and member resources such as myVRS. 

Hazardous Duty (State Police Officers’ Retirement System): March 8, 10 – 11 a.m. 

State police officers will learn about SPORS retirement eligibility requirements, the hazardous duty supplement and the multiplier that is used to calculate the service retirement benefit.

Your Next Steps: March 24, 2 – 3 p.m.

This webinar will walk Plan 1 and Plan 2 members who are fewer than 12 months away from retirement through the retirement application process. Topics include a timeline of action items, an overview of the required forms, post-retirement considerations (such as taxes and COLAs) and VRS resources after retirement.

Eye on the Prize: View the Recorded Webinar

Exciting times are ahead as retirement approaches—make sure the ride is a smooth one. For late-career members in Plan 1, Plan 2 and the Hybrid Retirement Plan, this webinar looks at how much retirement will cost, Social Security planning and your ready-to-retire checklist.

Virtual Counseling Appointments

Follow these steps to register for a one-on-one appointment with a VRS counselor:

  1. Select your plan under One-on-One Counseling Appointments on the Education and Counseling page.
  2. Follow the screens to choose your plan, region and preferred date and time. Once registered, you will receive a confirmation email.
  3. You will receive another email with a Microsoft Teams meeting link before your virtual appointment begins. It is important to test your audio and/or video before your appointment.
  4. To maximize your appointment time, log in to myVRS in advance to view your latest account information and have your questions ready. 

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Access Your Optional Group Life Insurance Benefits Online Through myVRS

Eligible members can now use myVRS to access and manage optional group life insurance coverage with Securian Financial, the insurer for the VRS Group Life Insurance Program.

Eligibility

If your employer participates in the VRS Group Life Insurance Program, you are covered under the Basic Group Life Insurance Program from the first day of employment.

You may purchase additional coverage for yourself as well as your spouse and dependent children through the Optional Group Life Insurance Program. You pay the premiums through payroll deductions.

Evidence of insurability (proof of good health) is not required if you enroll in the Optional Group Life Insurance Program within 31 days of your employment date. If you participate in the optional plan, you may add dependents within 31 days of a qualifying event, such as marriage or the birth or adoption of a child, without evidence of insurability.

Online Management Features

To get started, log in to your myVRS account, select Life Insurance under the My History tab and select the Visit Securian button.

You can purchase coverage for yourself as well as your spouse and dependent children. Once enrolled, you can increase, decrease or cancel coverage online with Securian Financial when you access your coverage information through myVRS.

When you meet the qualifications for retirement, you may elect to continue a portion of your coverage when you leave employment. You, as well as your spouse and dependent children, must have been continuously covered during the 60 months before you leave employment.

Watch: VRS in 2021

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Get the highlights from 2021, a fiscal year in which VRS reached two major milestones: online retirement for members and crossing the $100 billion mark for the VRS Trust Fund.

Read more about VRS’ financial results, investment highlights and other statistics in the 2021 Popular Annual Financial Report PDF. Find more in-depth information in the 2021 Annual Comprehensive Financial Report  PDF.

An image of the interior of one of the legislative chambers at the state capitol of the Commonwealth of Virginia.

General Assembly Session Underway

The 2022 Virginia General Assembly convened January 8 for a scheduled 60-day session. You can track all VRS-related bills on the Legislation page. Look for a summary of VRS-related legislation in the May issue of Member News.

Member Spotlight: Nan Carmack, Director of Library Development and Networking at Library of Virginia

A portrait image of Nan Carmack, Director of Library Development and Networking at Library of Virginia

If you think of public libraries as places with nothing but shelves of books and a few computers here and there—think again. Today’s public libraries offer everything from job search assistance, to makerspaces, to podcast studios and green screens. As director of library development and networking at the Library of Virginia, Nan Carmack works to expand services, technology and accessibility at libraries across the commonwealth.

“With my interest in people and my love of books and information, I feel like public libraries are the perfect place for me,” Carmack says.

Previously a mental health therapist and owner of a small independent bookstore, Carmack says her pivot to libraries was accidental. When large big-name competitors dried up her bookstore’s business in the mid-2000s, Carmack took up an offer to work in a community development position with the Bedford Public Library System. After getting a master’s degree in library and information science, a doctorate in education and organizational leadership, and serving as director of the Campbell County Public Library System, Carmack took her current position with the Library of Virginia in Richmond in 2017.

“Libraries are at the intersection of social justice and intellectual curiosity,” she says. “I’m so grateful to have found this particular niche.”

Every year, Carmack and her team take on a diversity, equity and inclusion project to help educate library employees and enable libraries to be more accessible to all Virginians. One of their first projects was in coordination with the organization Decoding Dyslexia.

“Dyslexia is much more complex and individualized than many people realize,” Carmack says. “We felt it was really important to educate librarians about what a person with dyslexia might need from a library.

Other years’ campaigns have included a racial equity challenge and challenges to help librarians build empathy and understanding for library customers with autism and neurodivergent thinking—variations in levels of social skills, learning abilities and attention needs.

“Library staff tend to model the attribute of lifelong learning, for which public libraries are critical,” Carmack says. “Most librarians do these challenges voluntarily to improve their knowledge and service capacity.”

An ongoing project for 2022 is the Deaf Culture Digital Library, in collaboration with the Central Rappahannock Regional Library in Fredericksburg. Intended as a digital library for the hearing and deaf communities to better understand each other, Carmack says a steering committee with members from the deaf community will assist in developing a robust online resource center.

With approximately 4,300 public library employees in Virginia, Carmack believes being prepared for retirement is an important step for them—and all VRS members.

“Any time there is an opportunity to save pre-tax dollars, that is just a smart thing to do,” Carmack says.

Carmack says she began contributing to the Commonwealth of Virginia 457 Deferred Compensation Plan when she joined the Library of Virginia. State employees are eligible to participate, along with employees of political subdivisions and school divisions that have adopted the plan. Contact your human resource office to find out if your employer participates in the Commonwealth of 457 plan or offers a similar plan.

To learn more about resources offered by Virginia public libraries for Virginians of all ages, visit finditva.org.

Want to be featured in our next Member Spotlight? To tell us about your work or nominate a colleague, contact VRS at PROffice@varetire.org.

An image of a writing pen about to mark within the name field of a paper IRS 1040 tax form.

IRS Increases 2022 Contribution Limits

The Internal Revenue Service has increased the maximum dollar amount you may contribute in 2022 to tax-deferred savings plans, such as the Commonwealth of Virginia 457 Deferred Compensation Plan and the Hybrid 457 Deferred Compensation Plan.

  • The annual deferral limit for 457 plans for participants younger than age 50 has increased to $20,500, compared to $19,500 in 2021.
  • The pre-retirement Standard Catch-Up limit has also increased to $20,500, for a total of $41,000.
  • The Age 50+ Catch-Up Limit remains unchanged at $6,500.

The annual limit includes any voluntary contributions made to the Hybrid 457 Deferred Compensation Plan, if eligible, and any other supplemental 457 plans. Any Roth after-tax or pre-tax contributions made to the Commonwealth of Virginia 457 Deferred Compensation Plan also count toward the limit.

You cannot use the Age 50+ Catch-Up and the Standard Catch-Up in the same calendar year. For more information on the Age 50+ Catch-Up, Standard Catch-Up, military leave make-up, one-time deferrals or investment options, visit the Contributions section of the Commonwealth of Virginia 457 Deferred Compensation Plan website.

Your Turn To Ask

Your Turn to Ask

Where Can I Learn More About Disability and Long-Term Care Benefits Available to VRS Members?

All VRS members have access to disability and long-term care benefits. Anyone at any age may need these services, and the cost can quickly deplete savings. The disability and long-term care programs administered by VRS can help you plan for these situations should you need them.

You are eligible for the following benefits depending on your plan and your employer:

  • Virginia Sickness and Disability Program: State employees in Plan 1, Plan 2 and the Hybrid Retirement Plan.
  • Virginia Local Disability Program: Political subdivision and school division employees in the Hybrid Retirement Plan, if your employer participates. If your employer doesn’t participate, contact your Human Resource office for more information on the comparable program offered.
  • Disability Retirement: Political subdivision and school division employees in Plan 1 and Plan 2; state employees hired before 1999 and who did not elect VSDP; members of the Judicial Retirement System.
  • Commonwealth of Virginia (COV) Voluntary Group Long Term Care Insurance Program: This is an optional employee-paid benefit for state employees and for employees of school divisions and political subdivisions that have elected to offer the program. VRS has contracted with Genworth Life Insurance Co. as the insurer.
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