> 2010 MBPs are Here

2010 MBPs are Here

mbp The 2010 Member Benefit Profiles (MBPs) are now available through myVRS. The MBP is your employees’ annual benefit statement based on information you reported to VRS as of June 30, 2010.

Beginning this year, VRS is no longer printing and shipping paper versions of the MPBs. Instead, we are asking employers to direct employees to myVRS to access their MBPs electronically. Employers have found that electronic distribution is easy to administer, saves paper and frees staff resources. Moreover, by using myVRS, your employees will be linked directly to plan information, education offerings, publications, forms and tools for retirement planning. They also will find helpful links to external sources such as the Social Security Administration and Internal Revenue Service websites. More information about the MBP will be available for members in the August issue of Member News.

New Feature for Members Eligible for the 457 Plan

This year’s MBP introduces a new “income analysis” feature for employees eligible to participate in the Commonwealth of Virginia 457 Deferred Compensation Plan. This feature provides a future retirement income estimate based on a target of 80 percent of pre-retirement income based on an employee’s compensation as of June 30, 2010. The 80 percent target is often used by financial planners as a benchmark for maintaining a reasonable standard of living in retirement. The estimated retirement income includes your employee’s estimated future VRS benefit, Social Security and any funds available for distribution from their Deferred Compensation Plan.

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 2010 MPBs have been loaded into myVRS:

Log-in to 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.

Encourage your employees to register for myVRS if they do not already have an online account. VRS has prepared a variety of myVRS member communications you can use to assist your employees.