After you retire, continue to keep VRS informed of any changes in your address and other information.

Address Information

VRS sends your annual tax form, the Retiree News and other important information to you throughout the year. If you relocate, please notify us using one of the options below:

  1. Log into myVRS  and select Update My Profile; or
  2. Complete Name and Address Declaration for Retirees (VRS-58).

Direct Deposit Information

Most VRS retirees receive their retirement payments through Direct Deposit. If you change financial institutions, the fastest and most secure way to update your banking information is through your myVRS account. If you instead submit an Authorization for Direct Deposit of Monthly Benefit (VRS-57), be sure to use the latest version on the website. VRS updates forms frequently. Fill out forms thoroughly and include all required documents. Incomplete forms cannot be processed.

VRS requires approximately 30 days to change your deposit to a new financial institution.

Payout Options

If you selected the Survivor Option when you retired, you may revert to the Basic Benefit or you may name another person to receive survivor benefits under certain conditions. You can change your option if:

  • Your survivor dies;
  • Your survivor is your spouse and you divorce with fewer than 20 years of marriage;
  • Your survivor is your spouse, you divorce after 20 or more years of marriage and your survivor dies, remarries or consents in writing to a change in the benefit; or
  • You provide VRS a written consent from your survivor giving up claim to a benefit along with proof of your survivor’s good health.

Note
You can change the Survivor Option only once during your lifetime. Notify VRS promptly if your named survivor predeceases you, or you divorce, and you wish to revert to the Basic Benefit. VRS can only pay benefits retroactively for 60 days after receiving your completed authorization or after the date of the final divorce decree. To update or modify your payout options, call VRS toll-free at 1-888-827-3847. In some circumstances, changing survivors may reduce your benefit.

If you are divorced and VRS has an Approved Domestic Relations Order (ADRO) on file, your benefit must be paid as directed by the ADRO.

Tax Information

You can change your tax withholding in myVRS or by submitting the Request for Income Tax Withholding (VRS-15). You may need to change your withholding if you have married, divorced or had other changes affecting your tax status during the past year.

If you decide not to have taxes withheld, you may be responsible for paying estimated taxes, and there may be tax penalties if your withholding and estimated tax payments are not sufficient.