VRS Earns High Marks in Peer Comparison
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 83 is equal to the peer median.
- VRS’ total pension administration cost is $96 per member, below the peer average of $140.
VRS participates in the benchmarking comparison each year to identify opportunities to further improve service and reduce costs.
Where Employees Can Find MBPs
Employees can use the Member Benefit Profile to aid future planning and review their VRS benefits.
To access a profile, members log in to myVRS, then use the My History menu item to select Annual Statements.
Based on information the employer reports to VRS as of June 30 each year, a member’s MBP includes:
- Member contribution account balance.
- Defined contribution account balances, if applicable.
- Life insurance coverage amount (if eligible).
- Target income in retirement.
- Eligibility for other retirement benefits, such as the health insurance credit.
The Member Benefit Profile webpage includes tips on how to look up and print MBPs for your employees who lack access to a computer. You’ll also find sample messaging to encourage employees to use the MBP as they fine-tune their retirement strategy.
Rokasha Edmondson Joins VRS Board of Trustees
The Virginia General Assembly’s Joint Rules Committee recently appointed Rokasha Edmondson, Ed.D., to the VRS Board of Trustees.
Edmondson is an educator with Hampton City Schools, as well as an author, mentor and community leader. Her appointment fills a vacant position on the board and runs through February 2027.
Access GASB Resources
Preparing the pension and VRS-administered other post-employment benefit components of your annual financial statements? The Financial Reporting page on the VRS employer website offers a suite of resources to help you comply with Governmental Accounting Standards Board requirements.
VRS Reports 12.1% Investment Return
VRS reported a 12.1% return, net of fees, for the fiscal year. The strong return surpassed the actuarially assumed return of 6.75% and increased the fund’s market value to $135.2 billion. The fund’s returns for all periods exceeded VRS’ actuarial assumed rate of return.
