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VRS Updates

New VRS Online System Changes Monthly Service Credit Calculations

The Virginia Retirement System (VRS) has undertaken a multi-year Modernization Program to upgrade VRS technology systems and business processes. This new system titled VRS Navigator went live in November.  In preparation for this automated online technology, VRS has adopted business rules which may impact how FCPS members receive service credit in a number of ways.

VRS uses two factors to calculate your retirement benefit: creditable compensation and service credit. VRS recently revised the way it calculates these factors. Creditable compensation is the basis for your average final compensation for retirement benefit calculations.  Service credit is the amount of time you have worked in a covered position. 

To better understand creditable compensation and monthly service credit calculations under the new VRS Modernization business rules check out the Fall 2012 issue of Member News

VRS Modernization Business Rules in Effect

VRS Modernization Business Rule	If the effective date of the change is on or before the first business day of the month, myVRS Navigator will:	If the effective date of the change is after the first business day of the month, myVRS Navigator will:
Hire/contract start date, End date of unpaid leave	Post a full month of creditable compensation in the current month	Post a full month of creditable  compensation in the following month
Employment change (e.g. salary, job name, employment status)	Recognize the impact of the change on creditable compensation in the                         current month	Recognize the impact of the change on creditable compensation in the            following month
Separation of employment (last day worked), Start date of unpaid leave	Post a full month of creditable compensation in the current month	Post a full month of creditable compensation in the current month

Leave Without Pay (LWOP)

When an employee has an insufficient leave balance(s) to cover leave taken, a period of LWOP occurs.  If the period of LWOP results in gross pay insufficient to cover the VRS employee contribution amount, no VRS service credit will be earned for that  month.  Please note this loss of service credit is not eligible for purchase under VRS Purchase of Prior Service guidelines. For information on the types of prior service that are eligible for purchase, visit http://www.varetire.org/members/plan1/pps/types.asp.

Track Service Credit Online With myVRS

Going forward, to keep track of any impact to your service credit, create an online myVRS account on the VRS web site at www.varetire.org. Select the myVRS logo from the Member tab which will take you to the login page. Select “Register” and follow the instructions. The new system offers the following enhanced secure features for interacting with VRS:

• View and track your account information including:
  • service credit and member contributions
  • employment and compensation history
  • basic group life insurance coverage
  • purchase of prior service information
  all updated monthly
• Download your Member Benefit Profile, your annual statement of VRS benefits
• Correct or change your contact information
• Create future retirement benefit estimates using live data from your file
• Simulate various retirement options to determine the best retirement option for you
• Use the Retirement Planner to estimate your first month of retirement income 
• Check the status of an application for retirement, purchase of prior service or a refund request

We believe more VRS Modernization updates will become available over time.  In order to make the best decisions relating to your retirement planning, we encourage you to check your VRS member account information regularly.