Virginia Retirement System

The Virginia Retirement System (VRS) is a defined benefit plan that covers all full-time employees. Defined benefit plans promise employees a lifetime monthly benefit payable at retirement. The amount of the retirement benefit is based on a specific formula that uses final average compensation, age and years of service. Employees must meet all other eligibility requirements.

(Employer Code – 40210 – Professional Employees)

(Employer Code – 55610 – Non-Professional Employees)

For more information log in to MyVRS.

Plan Handbooks
Costs

Lynchburg City Schools pays 14.66% of base pay and employees pay 5% towards VRS benefit - 40210.

Lynchburg City Schools pay 6.27% of base pay and employees pay 5% toward VRS benefit - 55610

These rates are subject to change annually.

Beneficiary

Employees should complete a Designation of Beneficiary Form only if they want benefits to be paid differently than the following order of precedence:

  • Spouse
  • Children & descendants of deceased children
  • Parents
  • Appointed executor or estate administrator
Buying Back Service

If you previously worked in a VRS covered position and received a cash-out or you were in the military, you may want to buy back your service. It's less costly if you apply within the first 3 years of rehire (VRS membership date). The cost is 5% of your earnings at the time of your Application for Purchase of Prior Service Credit (or 5% of the average of your highest 3 consecutive years of earnings, if higher than your current earnings). The cost to buy back service is much higher after 3 years.

You can retire and receive full or a reduced benefits as early as:

PLAN 1

  • Age 50, 10 Years of Service (Reduced)
  • Age 55, 5 Years of Service  (Reduced)
  • Age 65, 5 Years of Service   (Full)
  • Age 50, 30 Years of Service (Full)

PLAN 2

  • Age 60, 5 Years of Service (Reduced)
  • Normal Social Security retirement age , 5 Years of Service   (Full)
  • Age and years of service equal 90. (Full)

HYBRID PLAN

  • Age 60, 5 Years of Service (Reduced)
  • Normal Social Security retirement age.  5 Years of Service   (Full)
  • Age and years of service equal 90. (Full)
Leaving the Lynchburg City Schools but not Old Enough for Retirement?

Click here to view your options
 

Social Security

Part of your retirement income will come from Social Security. Lynchburg City Schools pays 7.65% to Social Security in addition to the FICA taxes withheld from employees' pay checks. To find out more about your Social Security benefit, follow the link: