Retirement Benefits

The Virginia Retirement System administers each of the following programs:

Retirement Account

  • Retirement contributions are made at no cost to the employee.
  • Generally contributions are about 9% of your annual salary.
  • You become vested after 5 years of employment.
  • You may elect to withdraw your contributions (5% of the 9% put in by the state) when leaving state employment.

For additional information, see http://www.varetire.org

Deferred Compensation Plan

  • As part of the Commonwealth's Deferred Compensation Plan (DCP) employees can get a 50% Cash Match of the employee’s contribution with a maximum of $20.00 per pay period. With 24 pay periods a year, you could receive an extra $480.00 per year in money invested in your DCP account. 

For additional information, see http://www.varetire.org/Members/BenefitPlans/DefComp.html