Retiring, Setting Up Benefits

Online with myVRS

If you’re ready to retire, doing so online in myVRS can save you time and trouble. You’ll find pre-retirement counseling, including informative videos and step-bystep guidance through major decision points, and you can also bypass paper forms. Follow these simple steps to apply for retirement:

1. Log in to your myVRS account.

2. In the Manage My Benefits drop-down menu, select Apply for Retirement.

3. Click the Apply Now button.

Questions? There are videos on topics like life insurance, Social Security and the health insurance credit, and there’s information to help decide on a benefit payout option beneficiary decisions.

You can submit a request to retire online, which takes about 30 minutes, up to 120 days before your retirement date. VRS encourages early submissions to allow for processing time. Should you need support, you can stop at any point, save your work and contact a VRS member counselor for assistance.

Are you eligible?

While many members are eligible to retire online, there are some exceptions:

• Long-term disability in your record or retiring on disability.

• Approved Domestic Relations Orders (ADRO) on file.

• Ongoing purchase of prior service agreements.

• Other (hazardous duty or judicial service).

If any of those apply to you, check out the Retirement Planning section of myVRS or the Application for Service Retirement (VRS-5) on the VRS website. Those retiring on disability should use the Application for Disability Retirement (VRS-6) and associated forms.

Start planning now!

To plan for your retirement, log in to myVRS and use the Benefit Estimator and Retirement Planner to learn about retirement eligibility and available payout options. You can also project your income and expenses in retirement.

Here are some other helpful features available on myVRS:

• Benefciary Management: Update beneficiaries online for your VRS defined benefit member account and group life insurance benefits.

• Optional Group Life Insurance Maintenance: Maintain your Optional Group Life Insurance benefit in myVRS or adjust optional coverage.

• Payment Destination Maintenance: Set up direct deposit in retirement or notify VRS of a change in your banking information.

• Health Insurance Credit Maintenance: Claim the health insurance credit when you retire, report insurance premium changes or make other changes without mailing a paper form.

While logged into your myVRS account, you can also check out myVRS Financial Wellness, which offers a growing library of articles, videos and courses about saving for goals, creating a budget, behavioral finance, and much more.l

Prince William Union WINS Representation Election

In another step forward in the expansion of collective bargaining rights for Virginia’s public school employees, the Prince William Education Association won an overwhelming representation election victory in February. PWEA earned the right to represent the county’s more than 7,000 licensed employees, who include teachers, counselors, librarians, nurses, and others, and more than 4,000 classified education support professionals, including bus drivers, food service workers, and others. PWEA members will now work with the county’s school system later this year as the development process of the fiscal year 2025 budget proceeds. In other developments around the state:

• The school board in Charlottesville voted to accept the bargaining resolution drafted jointly with the Charlottesville Education Association. CEA is now gearing up for an election to become the exclusive representative for Charlottesville City Schools employees. Across town, the Albemarle Education Association and the county’s school board are working together to move forward with the resolution process.

• The Loudoun Education Association submitted an affidavit to the county to show that LEA members had collected a majority of signatures on bargaining authorization cards for certified school employees. Next step is the verification procedure.

• Both the Montgomery County Education Association and the Falls Church City Education Association, at press time, were scheduled to have their resolutions voted on by their local school boards.l