Frequently Asked Questions

VRS provides members with an annual Member Benefit Profile (MBP) Statement.  This statement includes your:

• Projected VRS benefit amount
• VRS member account balance(s)
• Life insurance coverage amount (if you are eligible)
• Retirement benefit estimates
• Eligibility for other retirement benefits, such as the health insurance credit.

To access you MBP, log into your myVRS online account.  Once you are there, you can view your latest annual MBP by going under My History menu item, select Annual Statements.

To be eligible to purchase prior service, you must be an active VRS member.  VRS offers helpful resources on purchasing prior service, types of service eligible for purchase, cost and how to apply for purchase of prior service.  To learn more, visit VRS Purchase of Prior Service.

It is important to note that you only have a two-year window of time to purchase most prior service at an approximate normal cost.  After the two-year window, the cost changes to an actuarial equivalent cost.

To review your options or to create a cost estimate, please contact Tanya Verlik, Deputy Director of HR at tverlik@henry.k12.va.us or (276) 634-4706.

VRS Retirement Plans

Plan 1:  Membership date is before July 1, 2010.  Vested as of January 1, 2013.  Learn more about Plan 1.

Plan 2:  Membership date is from July 1, 2010, to December 31, 2013.  OR  Membership date is before July 1, 2010, but not Vested as of January 1, 2013.  Learn more about Plan 2.

Hybrid Retirement Plan:  This plan applies to most members hired on or after January 1, 2014.  Learn more about the Hybrid Retirement Plan.  

VRS and MissionSquare Retirement encourage you to claim your online account.  By registering your myVRS account, you are able to verify you online account and prevent someone else from attempting to lay claim to the accounts fraudulently.  

Plan 1, Plan 2, and Hybrid Retirement members should register their account by going to myVRS.  Hybrid Retirement members should also register their defined contribution account through MissionSquare Account Access.

Learn more about claiming your account, online safety tips, and fraud prevention tips by visiting the VRS Security Center.

Plan 1:  The AFC for Plan 1 members is the average of your 36 consecutive months of highest creditable compensation as a covered employee.

Plan 2:  The AFC for Plan 2 members is the average of your 60 consecutive months of highest creditable compensation as a covered employee.

Hybrid Retirement Plan:  Same as VRS Plan 2.  Your AFC is used in the retirement formula in the defined benefit component of the plan.

All employees have a mandatory 5% contribution to your VRS retirement account.  Plan 1 and Plan 2 member contributions are pre-tax salary reductions and tax-deferred until withdrawn from VRS.  HCPS makes a separate contribution to VRS for all covered employees.  VRS invests these contributions to provide for your future payout.

Hybrid Retirement is funded through voluntary and mandatory contributions made by you and HCPS to both the defined benefit and the defined contribution plans.  You may choose to make voluntary contributions of more than what is required with employer matching up to specified percentages

If you return to VRS-covered employment, your VRS retirement benefits will stop and you will become an active member unless you are hired at a later time under a critical shortage position.  

Visit Working After Retirement to learn more.

VRS offers retirees with a wealth of information on the Virginia Retirement Service (VRS) Retiree website.  Information includes:

• Cost of Living Adjustments
• Direct Deposit Schedule
• Insurance in Retirement
• Naming a Beneficiary
• Retiree News
• Working After Retirement
• Updating Your Information

To be eligible for continuation of group coverage, you must be:

• eligible for retirement benefits under the rules and regulations of the Virginia Retirement System (VRS) or forced to retire because of a severe, permanent disability. 
• employed by the School Board for a minimum of 15 years or have 15 years of VRS creditable service (does not apply if you are retiring as a result of severe, permanent disability).
• under age 65 or not eligible for Medicare.

Types of Coverage:

• The level of coverage or type of membership at retirement must be the same as your coverage during the last full year of employment or less.  For example, if you had family coverage during your last year of employment, you may keep family coverage or reduce it to subscriber and spouse, or single coverage. On the other hand, if you had single coverage during your last full year, you may not switch to family coverage.
• If, after you retire, there is any interruption or termination of coverage, you cannot resume coverage at a later time.
• When you turn 65 or become eligible for Medicare, whichever is first, a change must occur.  You will no longer be eligible for coverage.  Spouse or dependent coverage may continue with single coverage under COBRA for a maximum of 18 months.
  • If you have family, spouse, or dependent coverage and your spouse (1) becomes 65 years old, or (2) becomes eligible for Medicare, whichever occurs first, a change in coverage must occur.  Such coverage will terminate, but the retiree may continue with single coverage as long as they are eligible.  If your dependent is no longer eligible for coverage, they may continue with single coverage under COBRA for a maximum of 18 months.
• The retiree will pay the current premium for regular group coverage.  There is no contribution from the employer.
• Dental coverage may continue as a retiree through COBRA for a maximum of 18 months.
• Vision care insurance may continue as a retiree with premiums paid annually.
• Continuation of any supplemental coverage through Pierce Group Benefits must be handled directly with the insurance provider.

Virginia Retirement System (VRS) offers four benefit payment options:

• Basic Benefit
  • This benefit is paid monthly and based on your age, total years of creditable service and average final compensation.  

• Survivor Option
  • This option allows you to elect a lower monthly benefit during your lifetime so that your survivor can receive a monthly benefit after your death.  

• Partial Lump-Sum Payment (PLOP)
  • The PLOP payment is a lump-sum payment equal to 12-, 24-, or 36-months of basic benefit dependent on how many years you work beyond full retirement.  PLOP reduces your monthly benefit (basic benefit or survivor option).  
  • PLOP may be paid directly to you or rolled over into a qualified tax-deferred savings plan.  If paid directly to you, VRS will deduct 20% for federal income tax and, if you live in Virginia, 4% for state income tax.

• Advance Pension Option
  • This option allows you to temporarily increase your monthly retirement benefit and continues until an age you choose, between age 62 and your normal retirement age under Social Security.  At the age you select, your retirement benefit permanently reduces.  
  • VRS will add a percentage of your estimated monthly Social Security benefit to your monthly VRS benefit.
  • To elect this option, you will need an estimate of your Social Security benefit through the Social Security Administration to create a retirement benefit estimate with VRS

For details of each option, visit VRS Benefit Payout Options.

The Health Insurance Credit is available to VRS-eligible employees who are:

• Retiring with 15 or more years of service credit from an eligible employer, or
• Retiring on disability, or
• Receiving a long-term disability benefit through the Virginia Sickness and Disability Program (VSDP) or the Virginia Local Disability Program (VLDP) if you employer participates in the Health Insurance Credit.

The Health Insurance Credit provides the retiree with a reimbursement to assist with the cost of health insurance premiums and is set by the General Assembly each year.  The credit cannot exceed the amount of your individual health insurance premium.

Retirees who receive the Health Insurance Credit must report to VRS:

• Change in your health insurance plan.
• Increase or decrease in your health insurance premium.
• Cancellation of your health insurance.

Log in to myVRS to report your changes, or you may complete the Request for Health Insurance Credit VRS-45 form. 

Henry County Public Schools participates in the VRS Group Life Insurance Program.  VRS-eligible members are covered from the first day of employment.  

Eligible employees are automatically enrolled in the basic group life insurance program.  Employees may purchase additional coverage through the Optional Group Life Insurance Program with premiums paid through payroll deduction.

Under the Basic Plan, you have:

Natural Death Benefit:  Your life insurance benefit amount is equal to your creditable compensation (annual salary), rounded to the next highest thousand and then doubled.  

Accidental Death Benefit:  The benefit amount is double the natural death benefit.

You may not borrow from or use your group life insurance coverage to secure a loan.

To learn more about your Basic Life Insurance plan, please visit VRS Basic Group Life Insurance Program Features.

For more information on purchasing additional coverage, please visit VRS Optional Group LIfe Insurance Program Features.

Employees interested in purchasing additional life insurance coverage may contact Maura Lucas, Benefits Specialist at maura.lucas@henry.k12.va.us or (276) 634-4715.

Vesting is the minimum length of service you need to quality for future retirement benefit.  You must be vested to receive a full refund of your member contribution account balance if you leave employment and request a refund.  You are always 100% vested in the contributions that you make.

Plan 1:  You are vested when you have at least five years (60 months) of service credit.

Plan 2:  Same as Plan 1

Hybrid Retirement Plan:  You are vested in the defined benefit when you reach five years (60 months) of service credit. 

For the defined contribution, you are always 100% vested in the contributions you make.  You are eligible to withdraw a percentage of the employer contributions.  Distribution is not required by law until age 72.  

 - After two years, you are 50% vested and may withdraw 50% of the employer contributions.

 - After three years, you are 75% vested and may withdraw 75% of the employer contributions.

 - After four or more years, you are 100% vested and may withdraw 100% of employer contributions.

Plan 1:  Plan 1 members become eligible for an unreduced retirement benefit at age 65 with at least five years (60 months) of service credit or at age 50 with at least 30 years of service credit.

Plan 1 members may retire with a reduced benefit as early as age 55 with at least five years (60 months) of service credit or age 50 with at least 10 years of service credit.

Plan 2:  Plan 2 members become eligible for an unreduced retirement benefit when you reach your normal Social Security retirement age and have at least five years (60 months) of service credit or when your age and service equal 90.  Example:  Age 60 with 30 years of service credit.

Plan 2 members may retire with a reduced benefit as early as age 60 with at least five years (60 months) of service credit.

Hybrid Retirement Plan:  Under the defined benefit component of the plan, you become eligible for an unreduced retirement benefit when you reach your normal Social Security retirement age and have at least five years (60 months) of service credit, or when your age and service equal 90.  Example:  Age 60 with 30 years of service credit.  

For the defined contribution component, you are eligible to receive distributions upon leaving employment, subject to restrictions.  

Hybrid Plan Members may retire with a reduced benefit, under the defined benefit component of the plan, as early as age 60 with at least five years (60 months) of service credit.  For the defined contribution component, you are eligible to receive distributions upon leaving employment, subject to restrictions.