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January 13, 2014

VRS Offers New Hybrid Retirement Plan

Virginia Retirement System (VRS) Plan 1 and Plan 2 members who are actively employed may make an irrevocable decision to opt in to the new Hybrid Retirement Plan during a one-time special election window from Jan. 1 through April 30, 2014.

The VRS Hybrid Retirement Plan combines the features of a defined benefit plan and a defined contribution plan. VRS has partnered with ICMA-RC, a nonprofit independent financial services corporation, to provide record-keeping services for the defined contribution component of the plan. A number of investment options are available for Hybrid Retirement Plan participants.

The Virginia Retirement System Plan comparison guide provides a quick look at the similarities and differences among all three plans: VRS Plan 1, VRS Plan 2 and the New Hybrid Retirement Plan. The guide is designed to help employees better understand and compare the provisions for all three VRS retirement plans. To access the guide, click here. For more detailed information about all three plans, visit www.varetire.org. A Hybrid Retirement Plan calculator will be available to assist VRS members in early January.

VRS has issued a special edition of Member News, which features information about the new Hybrid Retirement Plan and opt-in period. To view the entire issue, go to: http://varetire.org/pdf/publications/member-news-december-2013.pdf.

VRS will be providing information sessions throughout the commonwealth. Old Dominion's Human Resources Department will also offer information sessions as well. Below are the dates and times of the ODU HR sessions, which will be in Room 1505 of Spong Hall.

Jan. 13 - 10 a.m.

Jan. 22 - 2 p.m.

Jan. 28 - 10 a.m.

Feb. 12 - 11 a.m.

Feb. 24 - 3 p.m.

March 19 - 9 a.m.

March 24 - 1 p.m.

April 1 - 2 p.m.

April 15 - 3 p.m.

April 23 - 11 a.m.