• VRS Retirement Plans

  • VRS Plan 1

    VRS Plan 1 is for members hired full-time before 7/1/10 who have not taken a refund and were vested as of 1/1/13.

    Employees enrolled in VRS Plan 1 are covered for the following:

    VRS Website

    The best resource for information on your VRS benefits is the VRS website at www.varetire.org. Find the VRS Plan 1 Overview,  VRS Plan 1 Handbook, more about your VRS benefits, educational resources, forms and more on the VRS website.   

    Log into your personal  account at https://myvrs.varetire.org/login to view your personal VRS benefits including your Benefit Member Profile. If you are new to the VRS site, choose "Register Now" to sign up.  

    If you need assistance with the VRS website or prefer to call, you can reach VRS Customer Service at 1-888-827-3847 (TDD:1-804-289-5919).  

    Your Contributions

    Your benefit is funded through member and employer contributions to VRS, which are invested over your career.  You contribute 5% of your base compensation to your account on a pretax basis. Your contributions are tax-deferred until you withdraw them as part of your retirement benefit or as a refund.  LCPS makes a separate contribution to VRS.

    Vesting

    To be vested in the VRS Retirement Plan you must have 5 years of full-time service with a VRS participating employer.  Once vested and eligible for retirement, your benefit payment depends on a number of factors. 

    Age and Service Requirements

    Normal retirement age under VRS Plan 1 is age 65. You become eligible for an unreduced benefit at age 65 with at least five years of service credit or at age 50 with at least 30 years of service credit.

    You may retire with a reduced benefit as early as age 55 with at least five years of service credit or age 50 with at least 10 years of service credit.

    Average Final Compensation

    The average of your 36 consecutive months of highest creditable compensation as a covered employee. This is part of your Retirement Benefit Calculation. 

    Retirement Benefit Calculations

    Retirement benefits are determined by the employee’s age at retirement, average final compensation, years of service, type of retirement and position classification. The formula for normal (unreduced) retirement is as follows:

    Average Final Compensation x 1.7% (Retirement Multiplier) x Number of Years of Creditable Service = Annual Basic Benefit Amount

    (This amount will be reduced for employees who retire prior to their normal retirement age). 

    View your personal details and model different retirement scenarios in your VRS account at https://myvrs.varetire.org/login

    Retiree Health Insurance and other LCPS Retirement Benefits

    Employees hired in a full-time position before July 1, 2013, with no break in service, may be eligible for retiree health insurance if they retire from LCPS. Visit the Eligibility for Retiree Health Insurance page for information regarding eligibility for retiree health insurance.  See School Board Policy 7628 for more information on Retiree Health Insurance and other LCPS Retirement Benefits. 

Last Modified on December 9, 2021