VRS COV 457

​​​​​​​​​​​​​​​​​The contract with the existing deferred compensation provider (third party administrator), Empower Retirement Services is expiring. This provided a good opportunity for the Deferred Compensation Board to review the 457 Plan and look for options that may be more beneficial for our employees. 

After an independent financial advisor review, the Deferred Compensation Board recommended that the current City 457 Plan be transitioned to the Commonwealth of Virginia 457 Plan (COV 457), which is managed by VRS. The current record keeper for the COV 457 Plan is ICMA-RC. The investment options selected by the COV 457 Plan are very good and provide participants with a wide variety of investment options (which include target date funds, various asset classes and a self-directed brokerage account).

A joint meeting of the City Council and the School Board about the proposed changes was held on December 12, 2017. The City Council approved the change on February 6, 2018. The School Board approved the change on February 13, 2018. 

During the interim weeks, numerous opportunities for information will be available to City and School current and former employees, including many materials on this webpage. (Please note that these materials will be updated as new information becomes available, so please ​check this page often.) 

No action is necessary by participants at this time. Participants w​​ill receive more details from VRS and ICMA-RC before the transition later this year.

Upcoming Live Webinars

Overview of the 457 Deferred Compensation Plan and Cash Match Plan

What is a 457 Deferred Compensation Plan? How about a Cash Match 401(a) Plan? Curious to know how your employer's retirement plans work? Come learn about how these plans help you build your retirement future. (This presentation is appropriate for employees who are eligible to participate or are already participating in the Commonwealth of Virginia 457 Deferred Compensation Plan.)

Thursday, August 9
2:30 - 3:30 p.m. ET
Register Online

Tuesday, September 4
10:30 - 11:30 a.m. ET
Register Online

Distribution Strategies
Changing employers? Retirement on the horizon? Understand the various distribution requirements and options within the Commonwealth of Virginia 457 and Virginia Cash Match plans. (This topic is appropriate for participants in the Commonwealth of Virginia 457 Deferred Compensation Plan and Virginia Cash Match Plan.)

Monday, August 17
2 - 3 p.m. ET
Register Online

Friday, September 21
9:30 - 10:30 a.m. ET
Register Online

Understanding Your Investment Options
Do you find investing confusing? Learn about asset classes, diversification and the three investment paths available to you within the VRS Defined Contribution Plans. (This topic is appropriate for participants in the Commonwealth of Virginia 457 Deferred Compensation Plan, Virginia Cash Match Plan and/or the Hybrid Retirement Plan.)

Friday, August 31
11 a.m. - 12 p.m. ET
Register Online

Thursday, September 20
3 - 4 p.m. ET
Register Online