Not subscribed to Member News? Sign up now.
Facebook icon  Linked in icon  VRS website link icon
A Publication for VRS Members
May 2022 | Archives

In This Edition

Investing with a focus on the future - Check out varetire.org/investments to learn more about how VRS's investment strategies support members' long-term needs.
Image of the sun with a large checkmark over it and text which reads Setting the Strategy - With a focus on long-term returns and performance, the VRS Board of Trustees sets the portfolio policy. Our professional investment team executes the board’s policy through external investment manager selection, active management of in-house portfolios and active management of overall investment exposures.
Image of a circle shaped graph showing asset allocations with text which reads Diversifying the Portfolio - By mixing stocks, bonds, real assets and other investment strategies, VRS creates a diverse portfolio, which also minimizes significant fluctuation in the rates that employers pay into the fund.
Image of a fulcrum with plank perfectly balanced on top. On the plank are the words Risk on the left and Reward on the right. Rish has cracks in it. Reward has 5 pointed star shapes cut out of it. To the right of the image is text which reads Looking Beyond a Single Year- VRS focuses on performance over the long term, 20 to 40 years, not simply a single year. By balancing risk with reward, the VRS fund is projected to grow steadily over time, meeting or exceeding its assumed rate of return.
An image of an oustretched hand holding a bar graph showing increasing amounts from left to right. To the left of the image is text which reads In-house Expertise Adds Value - VRS investment professionals provide an average annual added value of $375 million, money that wouldn’t be gained if the fund invested in a passive, indexed portfolio.
Image of the header of the showcase for Investments videos. On the image is text which reads Investments - Our four-part video series features in-depth interviews with VRS investment professionals. They provide key insights on VRS investment strategies and goals. Start Watching.
Image of a man sitting at a table. A woman stands close by him, looking over his shoulder. They both are viewing information on the screen of a laptop computer on the surface in front of them. In the lower right corner of the image is text which reads retire online with my VRS.

myVRS Makes It Easy to Retire Online, Manage Beneficiaries and More

Your myVRS account is one of your most important resources as a VRS member. This secure, online system helps you prepare for your future and provides real-time benefit information based on your VRS member record. Rather than submitting paper forms, myVRS also allows you to conveniently update account information online. Many members can even complete an online retirement application through myVRS.

Online Retirement

Retiring this spring or summer? Log in to your myVRS account and explore the Retirement Planning section. VRS members (with some exceptions) can retire online. Exceptions include but are not limited to those retiring with:

  • Hazardous duty service.
  • Judicial service.
  • Long-term disability in their record or retiring on disability.
  • Approved Domestic Relations Orders (ADRO) on file.
  • Ongoing purchase of prior service agreements.

If you are eligible to retire using the online system, you will see the Apply Now button. If not, you will see a message that VRS cannot accept your online application at this time, and you can submit a paper application PDF directly to VRS.

Learn more about retiring online on the VRS Online Retirement page.

Beneficiary Management

Naming your beneficiaries online has the advantage of being both faster and more secure than a paper form. When logged in to myVRS, you can name or update beneficiaries for your defined benefit member contributions and VRS Group Life and Optional Life Insurance, if you are eligible.

Review your beneficiary designation after a personal milestone such as a change in marital status, the birth or adoption of a child, entering a new job or as you near retirement. VRS is required by law to pay benefits according to the latest beneficiary designation in your VRS record, or based on the order of precedence if you have not named beneficiaries.

Beneficiary designations for VRS defined contribution plans are updated separately using Account Access.

myVRS Moves With You

You continue to use your secure myVRS member account username and password when you change VRS-covered positions, become a deferred member and after you retire. In retirement, you will have access to additional online features:

  • Direct deposit maintenance: Set up direct deposit or notify VRS when you change financial institutions or bank accounts and need to redirect your monthly benefit payment.
  • Health insurance credit maintenance: Claim your health insurance credit online. You can also easily report future changes in insurance premiums.
An image of two parents teaching their young daughter how to ride a bicycle in a park. To the left of them is the my VRS Financial Wellness logo.

Reduce Your Financial Stress With myVRS Financial Wellness

Whether you're paying down debt or saving for a future goal, financial stress can either motivate you to make positive changes, or it can affect your overall well-being.

Take action and log in to your myVRS account to access the myVRS Financial Wellness course on Managing Financial Stress. In just 25 minutes, this course will explain financial stress and how it may appear in your life. You can personalize the course by choosing topics like debt, student loans, supporting a family and taxes, and learn a few strategies to help you get this stress under control.

Completing the course generates a personalized action plan that offers tips and analysis based on your activity. Whether you choose to make changes by examining your expenses, seeking professional help or implementing mindfulness practices into your daily routine, this course will help you stay motivated.

It’s just one of many resources offered in myVRS Financial Wellness. Use the Your Budget Tool to track your income and expenses by creating a comprehensive budget. You’ll also find articles, videos and guides to build your expertise and enhance your financial proficiency, no matter where you’re starting or how you like to learn.

An image of a mountainouse landscape and sky with many clouds. Floating in the sky is the VRS 80th Anniversary logo with sunbeams streaming from behind it.

Eighty Years of Serving Those Who Serve Others

The Virginia Retirement System began operations in 1942, replacing a fund for retired teachers that traced its origins to 1908. Early VRS membership was limited to teachers, school administration employees and state employees, though eligibility soon expanded to include employees of political subdivisions. Today, VRS is proud to serve 835 participating employers and more than 755,000 members, retirees and beneficiaries.

“Celebrating 80 years of serving those who serve others emphasizes VRS’ continued commitment to members, retirees and beneficiaries,” VRS Director Patricia S. Bishop said. “We’re proud of how far we’ve come, and excited about all the ways we continue to innovate for the future.”

Through planning resources, educational opportunities and high-level customer service, VRS stands committed to providing holistic support throughout your career and into retirement. In recent years, VRS has rolled out several advancements for members:

  • Online retirement allows many members to conveniently apply for retirement through their myVRS accounts, rather than submitting paper forms.
  • myVRS enhancements make managing benefits and accounts easier than ever, from updating your beneficiaries online to accessing and managing optional life insurance coverage.
  • Certified Financial Planning services from our partner MissionSquare Retirement offer guidance and support to help you feel confident about your financial security.
  • myVRS Financial Wellness tools and courses are regularly updated to help empower you to build expertise and enhance your financial proficiency, no matter your knowledge level or learning style.
  • If you have questions about your benefits, visit the VRS Education and Counseling page to register online for a virtual one-on-one retirement counseling appointment.

As we commemorate eight decades of continuous service to members and retirees, you will notice the 80th anniversary insignia on our website, newsletters and on social media. View our timeline to see VRS milestones over the years.

Member Tips: Increasing Your Contributions to the Hybrid Retirement Plan (VIDEO)

VRS Director Trish Bishop explains how small increases to your Hybrid Retirement Plan voluntary contributions can add up to big savings over time.

An image of a video title card showing a graphic of a hand placing a coin into a piggy bank. To the right of the bank is text which reads voluntary contributions. Over the image is a graphic of a video play button. Clicking this image will take you to a website where you may play this video.

An image showing a man and a woman sitting at one side of a desk in an office. Seated on the other side of the desk from them is another woman. All three of them are looking at papers on the desk.

Member Counseling Appointments Available Online and In-Person

VRS' top priority is the safety and well-being of the communities we serve and our team members. VRS staff are working in the office and remotely to assist you by phone and online, with some in-person services now available. We continue to process retirements, pay retiree benefits, issue refunds and respond as quickly as possible to your day-to-day needs.

  • Virtual appointments (video or audio-only) are available for all members. Visit the VRS Education and Counseling page to book your appointment.
  • Limited in-person services are now available at the VRS Retirement Counseling Center on Tuesdays and Wednesdays. Visit the VRS Education and Counseling page to check availability of in-person appointments at VRS’ Central location, 1111 East Main Street, Richmond, Virginia. You may also call 888-827-3847 to schedule. No walk-in appointments are available at this time.

Governor Appoints New Chair to VRS Board of Trustees

A portrait image of A. Scott AndrewsGov. Glenn Youngkin recently announced his appointment of A. Scott Andrews to serve as chair of the Virginia Retirement System Board of Trustees. Andrews, of The Plains in Fauquier County, is board chair and CEO of Northern Contours Inc.

View the entire VRS Board of Trustees.

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

2022 Legistlative Update

The General Assembly has concluded its 2022 regular session and is now engaged in a special session to finalize business, including the state budget. In the coming weeks, check back to the VRS Legislation Page for an overview of new laws related to VRS.

Member Spotlight: Chase Sturgis, Chesapeake Bay Bridge-Tunnel District

A portrait image of Chase Sturgis standing on one of the manmade islands of the Chesapeake Bay Bridge-Tunnel with a view of the Chesapeake Bay behind him.

Although crossing the 17.6-mile-long Chesapeake Bay Bridge-Tunnel (CBBT) may seem daunting for some drivers, Chase Sturgis never found it intimidating. Growing up on Virginia’s Eastern Shore, Sturgis says taking trips over the fourth-longest bridge in the United States was a relatively common occurrence. He even remembers his first time driving across—at age 15 with a learner’s permit.

Today, serving as the electrical and mechanical superintendent for the CBBT Maintenance Division, Sturgis spends around 90% of his time at work in the middle of the bay.

“My office is located inside a ventilation building located on one of the man-made islands that anchors one of the facility’s two tunnels,” Sturgis says. “However, my position takes me out and about across the entire facility.

With a background in electrical and HVAC work, Sturgis began working at the CBBT part-time in 2009. He was soon brought aboard full-time as a tunnel equipment maintainer in 2010. Over the years, Sturgis exercised his skills and worked his way up to his current position managing the CBBT’s nearly 25 trade professionals.

“Institutional knowledge is often very valuable here,” Sturgis says. “Being able to remember and understand how equipment operates, what pieces do, helps [you] to be successful when troubleshooting an issue.” 

The CBBT is unique, Sturgis explains, in that many team members are trained up from entry level positions to take on specialty positions, gaining the institutional knowledge required to solve almost any problem.

CBBT trade workers include electricians who work on the 34,500-volt electrical distribution system that powers the facility, including the tunnel ventilation fans and 20 miles of roadway lights along the bridge structure, along with workers who maintain equipment such as rainwater pumps that keep tunnel road surfaces safe and dry.

With the tunnel’s location at the mouth of the Chesapeake Bay, Sturgis says he gets to experience all kinds of weather conditions.

“Roadway and tunnel work is much different in July than it is in January,” he says. “The worst events are nor’easters, with significant wind and rain for multiple days.”

Sturgis recalls coming to work the morning Hurricane Irene hit in 2011 and staying for 27 hours straight. The tunnel pumps removed more than a million gallons of rainwater during that time, according to Sturgis. The facility was closed for approximately 22 hours during that hurricane, but reopened to traffic once a facility inspection deemed the roadways safe and all clear.

Recently married and expecting a child later this summer, Sturgis says he’s thankful for the available options offered to VRS members to save for the future.

“Retirement is one of the biggest reasons I wanted to become a full-time employee of the CBBT and a member of VRS,” Sturgis says.

Beyond his standard member contributions, he also contributes to the Commonwealth of Virginia 457 Deferred Compensation Plan and receives an employer match through the Virginia Cash Match Plan.

“I did not take advantage of this opportunity until several years after I began my employment at the District, but I have seen considerable gains over the past 10 years,” Sturgis says. “As employees, we must contribute to Social Security and we must contribute to VRS, but the deferred compensation plan provides us with an additional opportunity to truly enhance our future earnings in preparation for retirement.”

To learn more about the CBBT, including travel information, fun facts and information about current construction of a new two-lane tunnel under Thimble Shoal Channel, visit CBBT.com.

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 mother with her two children. IN the lower left corner of the image is text which reads access optional group life insurance with my VRS.

Maintain Your Optional Group Life Insurance Benefits Online

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

If you are covered under the VRS Basic Group Life Insurance Program, you are eligible to purchase optional group life insurance. You may purchase additional coverage for yourself, as well as purchase coverage for your spouse and dependent children. Optional group life insurance provides benefits for natural and accidental death or dismemberment. You pay the premiums through payroll deduction.

Once you’re enrolled, you can increase, decrease or cancel coverage online with Securian Financial when you access your coverage information through myVRS.

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

If you carry this benefit into retirement, you can continue to use myVRS to access your coverage with the Visit Securian button.

An image of the cover of the Getting Ready to retire guide with text to the right of it that reads: Retiring Soon? We have a guide for that!

Updated Guide Available for Members Nearing Retirement

A new version of the Getting Ready to Retire Guide PDF is now available on the VRS Publications page and the Hybrid Plan Publications page. You’ll find details about preparing for your retirement date, resources in myVRS, VRS rules for working after retirement and more.

Your Turn To Ask

Your Turn to Ask

How Could Divorce Impact My Benefits?

In the event of a divorce, it is important to ensure that VRS receives all appropriate documentation in a timely manner once it has been finalized. There are several important factors to keep in mind regarding your VRS benefits.

VRS Benefits as Marital Property

If you divorce, all or a portion of your retirement benefit or defined contribution account(s) may be regarded as marital property in a property settlement. The Code of Virginia authorizes VRS to make a direct payment to a former spouse if he or she is awarded part of your retirement benefit by the court.

When you retire, you should ensure that you elect a retirement benefit option that is consistent with your Approved Domestic Relations Order (ADRO) on file with VRS. The court, not VRS, decides whether to divide your retirement benefit or defined contribution account(s) and how your benefits are to be divided. Provide your attorney with VRS’ required pre-approved ADRO forms for the defined benefit plan and the defined contribution plans. The forms are available on the VRS Forms page.

Beneficiary Updates

After a change in marital status, review your beneficiary designations as soon as possible. VRS is required by law to pay benefits according to the latest beneficiary designation in your member record. To update your beneficiaries for your VRS defined benefit member contribution account and your VRS Group Life Insurance Program coverage (if eligible), log in to myVRS and select Manage Beneficiaries under the Manage My Benefits tab.

Beneficiary designations for VRS defined contribution plans, including the Commonwealth of Virginia 457 Deferred Compensation Plan and the defined contribution component of the Hybrid Retirement Plan, are updated separately using Account Access.

Optional Group Life Insurance Coverage

If you elected to cover your spouse through the VRS Optional Group Life Insurance Program, coverage for your spouse will end if you and your spouse divorce.

Benefit Estimate Requests

If you have an ADRO on file with VRS and wish to request a benefit estimate, call VRS at 888-827-3847. You will need a manual estimate prepared, rather the using the myVRS Benefit Estimator, which will not reflect the ADRO requirements.

Applying for Retirement

If you have an ADRO on file with VRS, you must submit an Application for Service Retirement (VRS-5) to VRS rather than applying through myVRS. The VRS-5 is available on the VRS Forms page.

Copyright © 2022 Virginia Retirement System

The VRS and myVRS logos are registered trademarks of the Virginia Retirement System.

Get Adobe Acrobat Reader