Prepare for VRS Contribution Rate Changes Effective July 2024
The Virginia Retirement System (“VRS”) has announced the defined benefit contribution rate for fiscal years 2025 and 2026. For all VRS Defined Benefit Plans (VRS Plan 1, VRS Plan 2, and Hybrid Retirement Plan), the new contribution rate of 12.52% of creditable compensation will be effective July 1, 2024.
Contribution rates are based on a rate-setting actuarial valuation done every two years. You will see the new contribution rate starting with the July 16 paycheck for semi-monthly paid employees, the July 5 paycheck for bi-weekly paid employees, and the August 16 paycheck for all 9-month faculty.
You can find additional information about contribution rates here and here.
For questions or assistance, please email the Benefits team at benefits@gmu.edu.