A Publication for VRS Members
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Something for Everyone in myVRS
VRS Director Patricia Bishop explains some of the features available to you through your myVRS account. Register or log in today!
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Beware of Unsolicited Counseling Services
VRS occasionally receives reports from members that various groups have contacted them to offer retirement counseling services or insurance products. Please be aware, VRS does not sell products or make unsolicited calls to offer services to members.
All VRS counseling services are free to members and retirees, whether virtually, by phone or in person at the VRS counseling center by appointment. We encourage you to contact us if you have questions about your plan or benefits. You may also use your myVRS account to review your benefits and access helpful tools to evaluate your retirement readiness.
Look for these red flags when assessing whether a communication is authentic:
- Oddities in the name or address of the sender. Bad actors may attempt to deceive you by imitating official VRS communications. Emails from VRS will be sent from a “varetire.org” address and include our logo and copyright information. Correspondence from VRS will arrive by U.S. mail on official letterhead.
- Attempts to meet at your home to offer counseling or services. VRS staff do not come to members’ homes to discuss benefits.
- Requests for sensitive information. Do not send confidential or personal information, such as your Social Security number or home address, via email, as this method is not secure. To protect your privacy, VRS will only send non-confidential replies.
You may receive occasional emails from VRS inviting you to attend free retirement planning and benefit education sessions held in-person and virtually throughout the year. To view upcoming webinars and events, check out the Education and Counseling page on the VRS website.
Be cautious when responding to uninvited offers of retirement planning or advice. Unsure if it’s VRS? Call 888-827-3847 for assistance. For more online safety tips, visit the Security Center on the VRS website.
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Hybrid Plan Members: Voluntary Contributions Auto-Increase in January
The next Hybrid Retirement Plan auto-escalation is fast approaching. If you are an eligible member not already contributing the maximum 4% in voluntary contributions to your retirement account, your contribution will increase by 0.5% in January 2023.
The higher your voluntary contribution, the more you can save on a pre-tax basis and take advantage of both compound earnings and employer matching funds. Keep your savings rolling with auto-escalation. To visualize how this increase will impact your paycheck, check out the Hybrid Member Paycheck Calculator.
You may opt out of auto-escalation until 4 p.m. December 15, and you can change your contribution amounts quarterly. SmartStep, another way to save, allows you to increase your contribution amounts annually on a schedule you choose. Auto-escalation takes place once every three years.
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Updating Beneficiaries: Cover All Your Bases
You may already know that you can update your beneficiary information for your VRS member contribution account and group life insurance online through myVRS. However, if you are a Hybrid Retirement Plan member or participate in another savings plan, such as the Commonwealth of Virginia 457 Deferred Compensation Plan, you also need to name beneficiaries for your defined contribution plans through Account Access at varetire.org/dcp-login.
Keeping your beneficiary information current under each account will ensure your wishes are respected in the event of your death. Check to see if your designations are up to date, especially if you’ve recently experienced major life changes such as marriage, divorce or the loss of a loved one.
If there is no beneficiary designation on file, or if your beneficiary is deceased at the time of your death, VRS is required by law to pay benefits in the following order:
- First, to your spouse.
- Second, if you do not have a spouse, to your children and the descendants of any deceased children.
- Third, if none of the above, to your parents.
- Fourth, if none of the above, to the appointed executor or administrator of your estate.
- Fifth, if none of the above, to your other next of kin.
Questions? Read more.
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Special Enrollment Window for Optional Group Life Insurance Ends This Month
There’s still time to enhance your life-insurance protection without medical underwriting through Securian Financial’s one-time optional coverage special enrollment window, ending November 30.
To enroll, log in to your myVRS account. Select Life Insurance under the My History tab, then choose the Visit Securian button. You can purchase coverage for yourself as well as your spouse and dependent children.
There are several special enrollment options available to VRS members. For more details, read the related article in the September issue of Member News or visit the Optional Group Life Insurance Coverage page of the VRS website.
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VRS Gets High Marks in Peer Benchmarking Study
VRS remains in the high-service, low-cost category compared to its peers, according to an annual study from CEM Benchmarking, which compares retirement systems in the United States and around the world.
VRS’ total service score of 81 was above the peer median of 79.
CEM measures service quality from a member’s perspective. For example, a pension fund that offers more communications channels for its members generally is perceived to resolve issues more quickly.
Recent design upgrades to VRS websites and the addition of self-service tools, such as online retirement, enhance VRS’ services for members and boosted its overall score.
VRS’ total pension administration cost is $81 per member, compared to a peer average of $107.
CEM attributes VRS’ lower administrative cost to efficient staffing and support strategies.
VRS participates in the benchmarking comparison each year to identify opportunities to further improve service and reduce costs.
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On Track With Retirement Savings? Got Your Spending in Hand? VRS Can Help
Whether you’re getting ready to retire or just starting out in your job, VRS has the educational resources you need to ensure a better future. Tap into webinars, one-on-one virtual counseling and more by visiting the Education & Counseling page on the VRS website.
Register for an upcoming event or view recorded webinars at your own convenience:
Nearing Retirement - Eye on the Prize, Almost There!: November 29 Seminar in Abingdon, 8 a.m. – 12:30 p.m.
Designed for late-career members, this seminar will explore costs in retirement, planning for Social Security and having a ready-to-retire checklist. Other topics include choosing a retirement date, selecting a benefit payout option and using myVRS.
Are You On Track?: November 30 Webinar, 10 – 11 a.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, why you may want to purchase prior service, and member account resources, such as myVRS.
Spend Like There IS a Tomorrow: December 7 Webinar, 1 – 2 p.m.
Led by a MissionSquare Certified Financial Planner, this webinar will explore finding a healthy balance between spending on the things you enjoy and saving for the future.
Will You Have Enough to Retire Comfortably?: December 14 Webinar, 1 – 2 p.m.
Discover how to make your retirement assets do more for you over a longer period in this webinar hosted by MissionSquare. The session will explore how planning for retirement now can ensure a rewarding lifestyle in the future.
Your Next Steps: December 15 Webinar, 1 – 2 p.m.
This webinar will walk Plan 1 and Plan 2 members who are fewer than 12 months from retirement through the retirement application process. Topics include a timeline of action items, an overview of required steps or forms, post-retirement considerations (such as taxes and COLAs) and VRS resources after retirement.
Virtual Counseling Appointments
Follow these steps to register for a one-on-one appointment with a VRS counselor:
- Select your plan under One-on-One Counseling Appointments on the Education and Counseling page.
- Follow the screens to choose your plan, region and preferred date and time. Once registered, you will receive a confirmation email.
- 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.
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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myVRS Financial Wellness: Be an Informed Financial Decision Maker
Start building your financial resilience today with myVRS Financial Wellness, the award-winning online program available through your myVRS account. Log in to explore the latest courses and tools or visit the Topics page to dive into a subject that interests you.
Here’s a sample of what you’ll find when you register:
Behavioral Finance
View articles and videos that explore how to think about your money, make important financial decisions and deal with financial stress.
Economy
Choose from brief, informative articles and videos aimed to grow your understanding of economic conditions, taxation, the role of money in society and more.
Family Matters
In this newly added section, find assistance with handling sudden life changes, taking care of your loved ones and balancing personal relationships with your finances.
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General Assembly Appoints Henrico Teacher to Board
The Joint Rules Subcommittee of the Virginia General Assembly recently appointed Henrico County Teacher Lindsey K. Pantele to the VRS Board of Trustees. Pantele was named Teacher of the Year for Henrico County in 2020. She received her National Board Certification from the National Board for Professional Teaching Standards in 2019, which is the highest certification a teacher can obtain. Pantele teaches English and Foundations of Teaching at Glen Allen High School. VRS’ nine-member board includes one designated seat for a Virginia public school teacher.
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Your Turn to Ask
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I Want to Retire in the Next 6 Months. How Do I Start the Process?
If you are considering retiring in the next six months, VRS has a variety of resources available to help you plan. Check out the Getting Ready to Retire page on the VRS website. You’ll find resources like:
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