COVID-19 Response: VRS is committed to serving you and continuing business operations during this challenging time. Latest Updates
VRS’ top priority is the safety and well-being of the communities we serve and our team members. Most VRS staff are working remotely to assist you by phone, online or webinar. We continue to process retirements, pay retiree benefits, issue refunds and respond as quickly as possible to your day-to-day needs.
If you are placing employees on leave without pay due to budgetary impacts caused by COVID-19, VRS has developed a Coronavirus-Related Leave Without Pay and Your VRS Member Benefits informational summary you can share with employees.
Hybrid Retirement Plan members who are furloughed or experiencing salary reductions may be decrease voluntary contributions for the following month on an exception basis through August 31. Employees can use the Payroll Authorization – Voluntary Contribution Change Exception Form, accessible through Account Access, to change their contribution amounts. Employers must sign the form and return it to ICMA-RC. Review this job aidto learn more about the exception process and employers’ responsibilities in assisting members.
Coronavirus-related distributions: A qualified individual is anyone who
VRS members who meet the criteria for a Coronavirus-Related Distribution may request a distribution from the following defined contribution plans: the Commonwealth of Virginia 457 Deferred Compensation Plan, the Virginia Cash Match Plan 401(a) and the Hybrid 457 Deferred Compensation Plan.
To initiate a distribution, members should visit www.varetire.org/dcp; then select their defined contribution plan to log in to Account Access or create a user ID and password. Once logged on, the member will select Forms and locate the CRD under the Roll/Disburse category. The form can be downloaded as a PDF or emailed. Upon completion, the form can be mailed or faxed to ICMA-RC. Members also may also request a form by contacting ICMA-RC Participant Services at 877-327-5261, option 1.
Under limited circumstances not related to the coronavirus, emergency withdrawals are allowed from the Commonwealth of Virginia 457 Deferred Compensation Plan (not all employers have elected this plan).
Employees may not take refunds or withdrawals from defined benefit pension plans: VRS Plan 1, VRS Plan 2 or the Hybrid Retirement Plan defined benefit component. Withdrawals also are not allowed from certain defined contribution plans including the Hybrid Retirement Plan 401(a) Cash Match Plan or optional retirement plans.
VRS has developed a secure solution for submitting forms if you do not have access to a fax machine. Instructions were emailed to employers April 22.
Provide your mobile number and the best email address to reach you.
Your security administrator (SA) may add or delete user contacts. To designate a security administrator, your agency's primary administrative authority (PAA) must submit an Authorization of Administrative Contacts (VRS-67A). Fax to: 804-786-9718.
The Employer Representative team is developing web-based roundtables. Registration details coming soon.
Take advantage of recorded webinars and e-learning courses.
Refer to the myVRS and myVRS Financial Wellness toolkit for pre-written emails, intranet messaging and short posts that you can easily share with employees to help them access myVRS. The financial wellness site now offers COVID-19-focused resources.