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 Vrs 2a Continuation Form 2014

2014-2024 Form

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Instructions and help about Vrs 2a Continuation Form

hello I'm Lorna Jerome the director of human resources for Albemarle County local government and schools with me today as Claudine Cloutier who is our benefits administrator we would like to talk to you about some changes that will be made to the Virginia Retirement System or VRS starting January 1st Claudine these changes were directed by the General Assembly and proved by the governor yes that's right Lorna this bill requires all full-time employees who are hired beginning this January first to enroll in a new VRS plan called the hybrid plan this requirement does not apply to hazardous duty employees or employees who have prior active VRS service at the time they are hiring under the current VRS plan employees pay 5% of their salary towards their retirement benefits in 2012 we increase the salaries of all employees by 5% to cover this cost so how is the hybrid plan different well the current plans are what are called defined benefit plans which pay benefits based on a formula the hyb

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