Resource Center for VRS Employers: Hybrid Retirement Plan: Defined Contribution Component

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    Getting Ready to Retire

    Getting Ready to Retire

    The Virginia Retirement System (VRS) administers the VRS Hybrid Retirement Plan, which combines a defined benefit component and a defined contribution component.

    At retirement your defined benefit component amount is based on a formula using your age, creditable service and average final compensation. The amount of your defined contribution component benefit depends on your contributions and your employer's contributions to your account and their investment performance.

    The defined benefit and defined contribution components, along with Social Security and other savings, make up the basis of your retirement income, which financial experts recommend should be at least 80 percent of your pre-retirement income.

    Explores both the financial and mental impacts of retirement. This video provides tips to make sure you know what to expect financially and that you’re prepared for a healthy and happy retirement.
    Explore the different ways you can receive your funds at retirement.

    More Information

    Getting Ready to Retire Guide for Hybrid Retirement Plan Members PDF icon

    Need Individual Counseling?

    Meet with a counselor at the VRS Retirement Counseling Center at 1111 East Main Street in downtown Richmond. Sessions are offered on a first-come first-served basis between 8:30 a.m. and 4 p.m., Monday through Friday. Limited scheduled appointments are available. Get directions to the center and the parking deck.

    Note: The first hour of parking is free if you park in the deck.