VRS

 There are three VRS Plans – See the detailed Plan Comparison Guide, and visit the VRS Web site for detailed information and resources for each plan.

 

Resources

 

 

Purchase of Prior Service

 

You may be able to increase your VRS benefit by purchasing prior service credit. Prior service is a period of service that has not been credited to your VRS service record because it was not covered by VRS or it was covered service for which your previously took a refund. Because the amount of your benefit is based on your years of service credit, purchasing prior service credit can increase your monthly retirement benefit. VRS allows eligible members to purchase time for: certain leaves of absence, non-covered service with a participating employer, public service, active duty military service, and VRS refunded service. The cost and time frame to purchase this service is based on whether you are in Plan 1, Plan 2, or the Hybrid Plan.  For more information on purchasing prior service, visit the VRS Purchase of Prior Service Web Page.  To initiate a purchase of prior service, contact HR Benefits.

The Virginia Retirement System (VRS) administers retirement plans, life insurance plans, and related services for its active members. Eligible members include full-time salaried, permanent employees of the Commonwealth of Virginia, participating local cities, towns, political subdivisions, and all Virginia school boards. The City of Newport News participates in the Virginia Retirement System and pays the employer contribution of an eligible employee’s salary. VRS members are “vested” when they have five years of VRS service credit. Employees pay 5% of their creditable compensation each payroll and the City pays the employer contribution required for VRS membership.