Virginia Retirement System (VRS)
Fauquier employees are eligible to participate in the Virginia Retirement System (VRS) Investment Plan or Pension Plan. Full time permanent employees are automatically enrolled into the VRS plan. Employees are responsible for a portion of this plan (5%) and the employer is also responsible for a portion of this plan. This is a mandatory enrollment for full-time employees.
- Employees can, and are encouraged, to create an account on the VRS website. This will allow you to review your information, create estimates based on projected retirement dates, and provides additional information regarding the VRS plans. Employees would have to been employed for two months prior to their information being updated in the VRS on-line system. The website is www.varetire.org.
- You can review your personal information under your account to ensure all the information is correct. You can review the account balance as well. There are many useful tools on the website, including the ability to run retirement estimates based on when you would like to retire.
- Employees are not able to access their money in their VRS account while actively working. Once an employee separates from service they will be able to access the money. If employees withdraw the money, they will be taxed.
- If you are enrolled in Plan 1 or Plan 2 with VRS you do not have the option to increase any funds. Employees can, however, enroll with Voya to increase their retirement savings.
- If you are enrolled in the Hybrid account you can make changes to your elections. Once a quarter employees can increase their money that is sent to their 401a account with ICMA. Employees that that elect optional funds to be sent will receive an employer match as well. To make changes, please click on the following link:
- Full-time permanent employees must remain in VRS while employed and are required to contribute.
- Employees can create an account on the VRS website (www.varetire.org). Once an account has been set up employees can run estimates to determine how much money they would receive based on the date and retirement options selected.
VRS wants to have retirement applications received 90 days prior to the retirement date. This will ensure that all the paperwork can be processed timely to allow employees to receive their first payment on time. If employees are closer than 90 days to retirement, an application can still be submitted.
- Employees need to contact the Human Resources Department to schedule a meeting. During this meeting, we will review all of you payment options, run estimates of how much you could expect during retirement, review your benefits and any other additional questions you might have.
- Employees should plan on meeting with the Human Resources Department 90 days prior to their retirement date. By completing your application within this timeline, VRS will be able to process the application timely to ensure your first payment is received.
Voya Financial (Voya)
Fauquier also offers additional ways for employees to save for retirement as well as loans on 457b and 403b accounts Voya is the deferred compensation vendor selected to provide all employees with options, pre-tax and after-tax, to save for their retirement.
- County employees have the option to participate in the 457b retirement account.
- School employees have the option to participate in the 403b and the 457b retirement accounts.
Employees can enroll with Voya at any time. Employees will need to create a Voya account to enroll. The website is www.voya.com. Employees can also contact our representatives, John Brosnahan at 703-449-2919 or Jane Luke at 703-449-2913 for assistance.
- If you would like to change the fund option that your money is directed to, you can log into your Voya account and make these changes at any time.
- If you would like to increase or decrease the amount of money that is being deducted from your pay you can make a change at any time. Just log into your log into your Voya account and make your selections.
- Employees can make changes to their Voya elections at any time. Employees will need to log into their Voya account to make the changes. The website is www.voya.com.
- Employees are not able to access their money in their Voya account while actively working. Once an employee separates from service they will be able to access the money. If employees withdraw the money, they will be taxed.
- Employees may be able to access some of their funds from their Voya account if an eligible hardship has occurred. Paperwork will need to be completed and Voya will make the determination if the hardship qualifies.
You may contact a Voya representative at 1-800-584-6001.
**Fauquier County moved to a one-vendor platform in 2009. This was a direct result of IRS regulations.