The city council has authorized the adoption of the Commonwealth of Virginia 457 Deferred Compensation Plan (COV457), managed by the Virginia Retirement System, as the City's Deferred Compensation Plan subject to the periodic oversight and direction of the deferred compensation board. The transition from Empower the current record keeper, to the COV457 will be effective January 2020.  

Because the city council has authorized the participation in the COV457 Plan, the supervision of such plan by the board shall be the regular review of the COV457 Plan to evaluate whether such plan serves the interests of the plan participants.

If you would like more information about the COV457 Plan and the investments that are available you may go directly to the www.varetire.org/457 site, the transition website www.varetire.org/vabeach  .You can also call 1-877-327-5261.

The current record keeper for the COV457 Plan is ICMA-RC to contact the local Virginia Beach area specialist email DC-COVA@icmarc.org.  ICMA-RC has also setup a communication plan for all participants.

TRANSITION MEETINGS