IMPORTANT NOTE: The description of retirement benefits in this section reflects the retirement plan for employees hired prior to July 1, 2010. The retirement plan changes for employees hired on or after July 1, 2010, will be reflected in this Guide in the next revision, planned for October 2010.

The VRS benefit and membership structure is designed and modified by legislation enacted by the General Assembly. The key elements of the benefit structure include the types of benefits offered to members, the amount of each benefit, and conditions of eligibility for receipt of each benefit. Although VRS is frequently referred to as the State retirement system, State employees constitute only one part of the VRS membership. Taken together, teachers employed by local school boards and employees of political subdivisions comprise the majority of VRS members.

VRS is responsible for administering numerous benefit programs that have been created by the General Assembly. These programs include service and disability retirement, pension death benefits, life insurance, deferred compensation, the short- and long- term disability program, long term care insurance, and the retiree health insurance. credit. VRS staff are also responsible for implementing legislated changes to the benefit structure.