The hybrid plan combines elements of a traditional defined benefit (DB) pension plan and a defined contribution (DC) plan that is similar to a 401(k).
Discover how the two components of your plan work together and the vital role you play in saving for your future.
Provides the foundation of your future retirement benefit when you qualify.
Pays a lifetime monthly retirement benefit based on age, total service credit and average final compensation.
VRS manages the investments and related risk for this component.
Be sure to name beneficiaries for your defined benefit plan in myVRS.
Provides a tax-deferred savings plan in addition to your defined benefit pension.
Provides a balance to draw from during retirement. Your balance is based on contributions by you and your employer to the plan and the investment performance of those contributions.
You manage the investments and related risk for this component.
Be sure to name beneficiaries for each defined contribution plan in your DCP account.
Learn how the defined benefit and defined contribution components of your plan work together to help you meet your retirement goals.
Learn how mandatory and voluntary contributions fund your retirement and how to take advantage of your employer’s match.
Your membership date is on or after January 1, 2014, and you hold one of these positions:
full-time permanent, salaried.
ineligible for hazardous duty benefits.
full-time permanent, salaried.
(city, county, town, authority, commission), full-time permanent, salaried and ineligible for hazardous duty benefits.
whose employer does not provide enhanced hazardous duty benefits or the hazardous duty alternate option.
appointed or elected to an original term on or after January 1, 2014.
instead of an optional retirement plan (ORP).
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