VRS Plan 2

VRS Plan 2 is for members hired full-time between 7/1/10-12/31/13 or who were hired before but not vested as of 1/1/13.

Employees enrolled in VRS Plan 2 are covered for the following:

VRS Website

The best resource for information on your VRS benefits is the VRS website. Find the VRS Plan 2 Overview, VRS Plan 2 Member Handbook, more about your VRS benefits, educational resources, forms and more on the VRS website. 

Log into your personal  account  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 salary reduction 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 2 is your normal Social Security retirement age. You become eligible for an unreduced benefit when you reach your normal Social Security retirement age and have at least five years of service credit or when your age and service credit equal 90. Example: Age 60 with 30 years of service credit.

You may retire with a reduced benefit as early as age 60 with at least five years of service credit.

Average Final Compensation

Average of your 60 consecutive months of highest creditable compensation as a covered employee.  This is factored in to 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 1.65% (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 Website. 

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. 

VRS Office Hours

Do you have questions about your VRS account, VRS retirement or your VRS plan in general?  Schedule a time to meet with your VRS representative, Stephanie Barkalow.  You will get a 30-minute virtual session with Stephanie to review your account, discuss your retirement options, make sure that your myVRS account is properly set up and more! Appointment Required.