Employer paid contributions into the Virginia Retirement System (VRS). Full-Time employees become members of VRS as soon as they begin work, as a condition of employment. Depending on an employee's date of hire and previous VRS service, they are enrolled in one of three plans: Plan 1, Plan 2 or the Hybrid Plan. All employees contribute 5% of their salary to the Plan through biweekly pre-tax payroll deductions. Hazardous Duty employees (Sworn Police/Fire & Rescue) are eligible for additional enhanced benefits under the VRS. VRS is a defined benefit program and members become vested after five years of credited service.
Deferred Compensation Plan
Mission Square Retirement formerly ICMA-RC is a supplemental program that allows you to save and invest today for your retirement. Federal and State income taxes are deferred. Both 457 and 401A programs are available. The city contributes matching funds.
A dedicated Mission Square Retirement representative is available by appointment only on a monthly basis to assist our City employees with any questions they may have as it relates to new enrollments, rollovers, general updates, etc.
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