Your statement is a valuable retirement planning tool. It shows you where you are now and what your benefits could look like in retirement, including:
- Your earliest unreduced and reduced retirement eligibility dates and estimated benefit amounts
- Estimated value of your retirement benefit
- Member contribution account balance
- Life insurance coverage and other information about your benefits
Retirement income on target? One of your MBP’s most important features is a retirement income analysis. This feature shows a total retirement income estimate compared to a retirement income target of 80 percent of your compensation as of June 30, 2011. The retirement income estimate combines your estimated unreduced benefit, a Social Security estimate and an estimated annuity from your Commonwealth of Virginia 457 Plan Deferred Compensation Plan account, if applicable.
Most financial planning experts recommend that those planning their retirement use 80 percent of their current earnings as the benchmark for what they will need during retirement to maintain a reasonable standard of living. Your analysis includes tips for “closing the gap” between your estimated retirement income and your 80 percent benchmark.
Go to myVRS Access to log in or create a secure online account to view your Member Benefit Profile now. If you need assistance accessing or creating your account please call HR at 540-831-5008 and ask to speak to a HR Generalist. Once your account is set up you can:
- View member information, including service credit and compensation reported by your employer.
- Check the status of an application for retirement, purchase of prior service or refund.
- Estimate your retirement benefit using current information.
- View and update your personal contact information online.