Retirement

Retirement

Are you ready to retire? The Virginia Retirement System (VRS) administers the retirement plan for the City of Portsmouth. VRS has three different plans, Plan 1, Plan 2 and the Hybrid Plan. 

Plan 1: 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.
http://www.varetire.org/pdf/publications/handbook-plan-1.pdf

Plan 2: 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.
http://www.varetire.org/pdf/publications/handbook-plan-2.pdf

Hybrid: You are covered under the VRS Hybrid Retirement Plan if your membership date is on or after January 1, 2014, and you are:

  • a general state employee
  • a teacher or other professional employee of a local public school division
  • a general employee of a VRS-participating political subdivision (city, county, town, authority, commission) or non-professional employee of a public school division.
  • a local law enforcement officer, firefighter or emergency medical technician whose employer does not provide enhanced hazardous duty benefits
  • an employee who elected the Hybrid Retirement Plan instead of an optional retirement plan (ORP) authorized or administered by VRS
  • 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.
    http://www.varetire.org/pdf/publications/hybrid-handbook.pdf
Download the Hybrid Retirement Plan Features and Highlights booklet to learn more. 


Additional Retirement Information
If you need to make changes or add to your designated beneficiary, you can download the Designation of Beneficiary and Designation of Beneficiary-Continuation forms.  For the purchase of previous service that cannot be certified by your current employer, download the Application for purchase of prior service credit. To request a refund from VRS, download the Defined Benefit Plan Request for Refund form.

Get started today
learning more about retirement and watch this video on Preparing for Retirement.  If you should have any further questions or need additional information, you may visit the VRS website at www.varetire.org, contact VRS directly at (888) 827-3847 or contact the City's Human Resource Management Department at (757) 393-8626.