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Online 2011 MBPs Available in myVRS
Your Plan 1 employees’ Member Benefit Profiles (MBP) are ready to view in myVRS. The MBP is your employees’ annual benefit statement based on information you reported to VRS as of June 30, 2011. Promotional resources, including a PDF flyer and sample message, are available at MBP resources to help encourage employees to log in or register for myVRS to view their MBP. Plan 2 employees can see their member contribution account balance in myVRS.
One of the MBP's most important features is a retirement income analysis for employees eligible to participate in the Commonwealth's 457 Deferred Compensation Plan. This feature combines the employee's estimated unreduced VRS benefit, a Social Security estimate and an estimated annuity from his or her deferred compensation plan account, if applicable. The combination of these resources will allow employees to measure the gap between estimated retirement income and a target of 80 percent of pre-retirement income. The 80 percent target is often used by financial planners as a benchmark for maintaining a reasonable living standard at retirement. The analysis also includes tips for "closing the gap" between projected retirement income and the 80 percent benchmark.
How do I Look Up Employees’ MBPs?
From myVRS for Employers, you can view the MBP Detail Report showing employees in your employer code whose 2011 MPBs have been loaded into myVRS:
- Log into myVRS for Employers.
- Select the Employer Options tab. If you have access to more than one employer code, select the Choose Employer link from the left column. Enter your five-digit employer code and then select the Look Up button.
- Select the Reports link from the left navigation and then "Annual MBP Detail Report" from the reports list.
From the MBP Detail Report, you also can print up to 50 MBPs at a time for employees who do not have access to a computer at work or home.
