Major Benefit MilestonesPage 1 of 8
| Year | Major Benefit Milestone |
| 1908 | Retired Teachers Fund created |
| 1942 | Virginia Retirement System (VRS) and Judicial Retirement System (JRS) created |
| 1944 | Political subdivisions allowed to join VRS |
| 1950 | State Police Officers Retirement System (SPORS) created |
| 1952 | VRS repealed and re-enacted as Virginia Supplemental Retirement System (VSRS) in order to obtain social security coverage for public employees |
| 1955 | SPORS covered under social security |
| 1956 | JRS covered under social security |
| 1960 | Group life insurance program created |
| 1962 | Group life insurance program made compulsory for all full-time salaried State employees |
| 1970 | Cost of Living Adjustment (COLA) established, in amount equal to full increase in consumer price index Political subdivisions authorized to provide SPORS-equivalent benefits to law enforcement personnel |
| 1974 | Statutory five percent member contribution rate established Deferred compensation program authorized |
| 1978 | COLA capped at a five percent maximum |
| 1980 | Deferred compensation program implemented |
| 1983 | State begins to pay member pension contribution |
| 1984 | State begins to pay member group life contribution |
| 1987 | Minimum age and service requirements for full retirement benefits reduced from 60/30 to 55/30 for State employees, teachers and judges (optional for political subdivisions) Mandatory retirement age repealed for State employees, teachers, political subdivisions, and judges |
| 1989 | State retiree health insurance credit established |
| 1990 | VSRS repealed and reenacted as VRS, in response to federal legislation prohibiting integration of social security and retirement benefits Benefit formulas for service and disability retirement assumed current form; minimum age and service requirements for full retirement benefits reduced from 55/30 to 50/25 for State Police (optional for political subdivisions providing LEOS) |
| 1990 - 99 | Expansion of opportunities to purchase or receive prior service credit |
| 1991 | Early Retirement Incentive program State contribution rates established for optional retirement program for higher education. |
| 1992 | State retiree health care credit increased Political subdivisions and local school boards authorized to provide retiree health care credit Mandatory retirement at age 70 reinstated for judges |
| 1994 | VRS benefits increased by three percent for State employees (optional for political subdivisions) |
© 2010, Commonwealth of Virginia
Rev. 20-May-2010
