The Virginia Retirement System is changing its record keeper for its defined contribution plans.
Record keepers manage contributions and distributions for plan accounts and work with the VRS investment manager to complete transactions. They also provide a call center, websites, participant education and communications to help you understand your investment options.
What does this mean for City employees? Starting in January 2025, Voya Financial will replace MissionSquare Retirement as the VRS record keeper for the defined contribution component of the Hybrid Plan. Participant account details, investments, contribution elections and beneficiaries will automatically transition to Voya.
VRS Hybrid Plan members will receive instructions on when and how to register their online account with Voya in early 2025.
Take time now to confirm, add or update your contact information, including your mailing address, mobile phone number, email address and beneficiaries.
For more information and to start preparing, click here.