- Benefits & Compensation
Virginia Retirement System (VRS)
Recent Publications by the Virginia Retirement System (VRS)
The Virginia Retirement System (VRS) administers the retirement plan for the City of Portsmouth. VRS has three different plans:
You are in Plan 1 if your membership date is before July 1, 2010 and you were vested (you had at least five years of creditable service) as of January 1, 2013.
Review the Handbook for Plan 1 (PDF).
You are in Plan 2 if your membership date is before July 1, 2010 and you were not vested (you had fewer than five years of creditable service) as of January 1, 2013, or your membership date is on or after July 1, 2010.
Review the Handbook for Plan 2 (PDF).
You are covered under the VRS Hybrid Retirement Plan if your membership date is on or after January 1, 2014, and you are:
- An employee who elected the Hybrid Retirement Plan instead of an optional retirement plan (ORP) authorized or administered by VRS
- A general employee of a VRS-participating political subdivision (city, county, town, authority, commission) or non- professional employee of a public school division.
- A general state employee
- A justice or judge of a court of record of the Commonwealth of Virginia, judge of a district court of the Commonwealth of Virginia other than a substitute judge, or a commissioner of the State Corporation Commission of the Virginia Workers’ Compensation Commission if you were appointed or elected to an original term on or after January 1, 2014. Please see the Judicial Retirement System Handbook for Members for your plan information.
- A local law enforcement officer, firefighter or emergency medical technician whose employer does not provide enhanced hazardous duty benefits
- A teacher or other professional employee of a local public school division.
Review the Hybrid Plan handbook (PDF)
Review the Hybrid Retirement Plan Features and Highlights booklet (PDF)
Get Started Today
Get started today learning more about retirement. If you should have any further questions or need additional information, you may visit the VRS website, contact VRS directly at 888-827-3847 or contact the City’s Human Resource Management Department at 757-393-8626. Starting Your Hybrid Plan Adventure is an ideal resource view when members begin employment with the city.
Additional Retirement Information
- Retirement Readiness Checklist (PDF)
- Getting Ready to Retire Guide (PDF)
- Retirement Forms
- Benefit Payout Options
- Designation of Beneficiary (PDF)
- Designation of Beneficiary-Continuation (PDF)
- Application for Purchase of Prior Service Credit (PDF)
- Defined Benefit Plan Request for Refund (PDF)
Hybrid Plan Learning Channel
VRS invites you to the premiere of the Hybrid Retirement Plan Learning Channel, a new showcase featuring several short videos that lay out key aspects of the plan at different stages during members’ careers.
We encourage hybrid plan members to stream all seven videos:
- "Driving Your Hybrid Plan" explains how the defined benefit and defined contribution components of the plan work together.
- "Exploring Your Hybrid Plan" takes a closer look at mandatory and voluntary contributions and how members can take full advantage of the employer match.
- "Savings Toolkit" shows members which VRS tools to use to maximize their savings and track their progress on saving for their future.
- "Things to Know Before You Go" explains the different retirement benefit payout options.
- "Retiring Minds Want to Know" explores the financial and mental impacts of retirement.
- "Retirement Ready" helps members determine when they will be eligible to receive retirement benefits from the two components of their plan.
- "Your Retirement, Your Choice" dives into the different ways members can receive their funds at retirement.
The channel also includes the overview video "Starting Your Hybrid Plan Adventure," an ideal resource view when members begin employment with the city.