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A Publication for VRS Members
September 2021 | Archives

In This Edition

 
Online Retirement

Online Retirement and More Member Services Now Available in myVRS

Whether you’re at the beginning, middle or nearing the end of your career, myVRS is your headquarters for viewing VRS account information, monitoring your benefits and planning your future. Now, expanded services provide efficiencies when updating your information and allow most members to complete their retirement application online rather than with a paper form.

Online Retirement

If you haven’t already, register your myVRS account at myVRS.varetire.org. From your account, access the Benefit Estimator and the Retirement Planner to scope out your retirement. Once you’re eligible to retire, use myVRS to lead you through the online retirement process with just-in-time counseling tips and videos at key decision points. myVRS will display your estimated benefit as you complete each step in the application. Be sure to notify your human resource office that you plan to retire, so that you can receive additional benefit counseling from your employer.

If you are eligible to retire using the online system, you will see the Apply Now button. However, some members are not eligible to use online retirement at this time, including members with:

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

Members in these situations will continue to submit forms, such as the Application for Service Retirement (VRS-5) PDF Icon or the Application for Disability Retirement (VRS-6) PDF Iconavailable on the VRS Forms page.

New Enhancements

Along with online retirement, additional myVRS member features are now available:

  • Beneficiary management: Update your beneficiaries online instead of submitting a paper form. This includes updating beneficiaries for your VRS defined benefit member account and group life insurance benefits. Members and retirees with defined contribution accounts will continue to update beneficiaries through Account Access.
  • Accessing survivor benefits: Members or retirees who are receiving survivor benefits based on another VRS member's account will automatically be able to view their survivor benefits using their personal myVRS account.

And after you retire, 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.
 
VRS News

VRS Reports 27.5% Investment Return for Fiscal Year 2021

The Virginia Retirement System achieved a 27.5% return, net of fees, on its investment portfolio for fiscal year 2021. The trust fund ended the year with approximately $101.8 billion, exceeding the $100 billion mark for the first time in its history.

Read the full release and view a video from VRS leadership.

handbooks
Updated Plan Handbooks: Find Them Here

VRS member handbooks were recently updated to reflect the latest legislative and administrative changes. The Hybrid Retirement Plan Handbook for Members PDF Icon also underwent a redesign. As a best practice, check the date on the back cover of printed or downloaded handbooks to ensure you have the most recent version. All handbooks are available in the Publications section of the VRS website.

John Bennett Appointed to VRS Board of Trustees

John M. BennettGov. Ralph Northam recently announced the appointment of John M. Bennett to the VRS Board of Trustees. Bennett retired as vice president of finance at Virginia Commonwealth University and is a former secretary of finance for Virginia.

View list of all VRS Board Members.

Non-Teacher School Division Employees Now Eligible for Health Insurance Credit Benefit in Retirement

Non-teacher school division retirees are now eligible to receive the health insurance credit, a tax-free benefit that assists with health insurance premiums paid for single coverage, excluding any portion of the premiums covering a spouse or dependents.

Current and future retirees with at least 15 years of VRS service credit will receive a monthly credit of $1.50 per year of service, or $2.50 if your employer elects an additional $1 enhancement.

To receive the credit, you must provide supporting documentation if VRS is not deducting your health insurance premiums or if you have additional premiums to report. The health insurance credit is included with your retirement benefit payment and ends upon your death.

Once you are retired, you can request the credit and report premium changes online through your myVRS account.

VRS Member Spotlight: Margaret Smigo, Waterborne Hazards Program Coordinator for VDH

Margaret Smigo
Margaret Smigo kayaking on the Pamunkey River.

Even as late summer turns to early fall, many Virginians will still be squeezing in a few more weeks of recreation at beaches, rivers and lakes across the commonwealth before the water cools.

Margaret Smigo, waterborne hazards program coordinator with the Virginia Department of Health, says the program’s busy season starts in May and doesn’t really wind down until October.

“We work to get our beach monitoring staff ready ahead of Memorial Day weekend,” Smigo says. “The districts are collecting samples weekly, and we’re reporting stuff for them out on Twitter and on our interactive beach monitoring map.

Beach water samples are analyzed for enterococci bacteria. High levels of this bacteria could indicate an increased risk of gastrointestinal illness and other issues for swimmers.

Typically starting in July, another waterborne hazard arises in Virginia waters: harmful algae blooms. Smigo says that although algae are a natural part of the ecosystem, things can get out of balance and too much algae growth can have serious consequences.

While many people associate algae blooms with visible surface scum and a foul smell, it isn’t always obvious that a body of water is being impacted by a harmful bloom.

“A lot of times we can use our senses to determine whether we should stay out of the water; but, water can look totally clear and totally normal and still have harmful bacteria in it,” Smigo says. “We’re trying our best to get the word out that these things are there so people can avoid them and avoid exposing their children and their pets to them.”

The waterborne hazards program also responds to pollution events year-round, coordinating with agencies that deliver spill information and creating public health messaging to advise people on potential dangers.

Sometimes these events can attract significant media attention, such as a July sewage leak that led to a shutdown of recreational water activities on a stretch of the James River between Goochland County and Richmond.

“This year has seen more pollution response events—and issuing advisories for those situations—than we’ve had in years prior,” Smigo says.

With six years at the Virginia Department of Health and 15 years total as a VRS member, Smigo considers herself to be around the midpoint of her career. With a personal goal to retire at age 55, Smigo participates in the Commonwealth of Virginia 457 Deferred Compensation Plan, a supplemental VRS savings plan available to state employees and political subdivision and school division employees whose employers participate in the plan.

“I’m really thrilled at my younger self’s foresight to start putting away early,” Smigo says. “I was 25 or 26 when I became covered by VRS; I just started off with a really low amount and over time increased it from there.”

Smigo says in her work there is always planning and preparation for the worst-case scenario when handling waterborne hazard events—it’s better to be ready for a big event than to get caught off-guard. When preparing for the future, she says it’s important to take a similar approach. Save where you can now so you have what you need later.

“I can’t believe how fast the years have gone by, and now I can check my VRS balance and be amazed by how those small monetary contributions have blossomed.”

To learn more about the Virginia Department of Health’s Waterborne Hazards Control Programs, visit SwimHealthyVA.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.

Certified Financial Planning

Your Turn to Ask: How Do I Use MissionSquare Retirement’s Certified Financial Planning Services?

Creating a solid foundation for your future is about more than just retirement. It involves both paying attention to the little details and looking at the big picture—so you can make holistic financial decisions that improve your today and tomorrow. That’s why Certified Financial Planner (CFP) professionals with MissionSquare Retirement, the record-keeper for VRS Defined Contribution Plans, are here to help.

All VRS members and retirees can take advantage of these services. Participation in a VRS Defined Contribution Plan is not required.

A variety of services are available, including:

  • Live no-cost webinars with CFP professionals to help address common financial topics like spending, investing, paying for a child’s education and more.
  • Complimentary 30-minute one-on-one consultations with a CFP professional to address your specific financial planning questions, from debt reduction and budgeting to estate planning and optimizing Social Security benefits.
  • Goal-specific and comprehensive financial plans, available at low or no cost, depending on your situation.

Visit varetire.org/make-a-plan to view detailed descriptions of all services, register for a webinar or schedule a consultation.

Member Education

Member Education

Webinar courses are posted on the VRS website as they are scheduled. Register from our Education and Counseling pages.

Retirement Planning
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