Your Member Benefit Profile will be available in myVRS in early September. The MBP is an annual summary of your benefits as of June 30, covering your total service credit, member contribution account balance, benefit estimates and more. Reviewing it each year can help you stay informed and spot gaps in your retirement readiness.
To access your MBP, log in to myVRS, go to My History and select Annual Statements.
Be sure to review these items:
1. Your Target Income
The MBP shows how your defined benefit and defined contribution savings fit into your broader financial picture alongside Social Security and other savings. You will see your current projected income in retirement compared to 80% of your current salary, a common benchmark for maintaining your standard of living.
2. Any Gaps in Your Savings
If your projected income falls short of the 80% target, consider whether increasing contributions to a supplemental savings plan could help close the gap.
The MBP will indicate if you are eligible to participate in a VRS defined contribution plan, such as the Commonwealth of Virginia 457 Deferred Compensation Plan, for additional retirement savings. You may have a similar employer-sponsored alternative instead. If you are in the Hybrid Retirement Plan, you may also have the option to increase your voluntary contributions.
3. Next Steps for Your Plan
While the MBP is a good starting point for a broader review of your finances in retirement, you can put your plan into action using other myVRS tools linked in your MBP:
- Benefit Estimator: Run scenarios based on different retirement dates and payout options.
- Retirement Planner: Estimate your retirement income with additional income sources and retirement expenses factored in.
If you participate in a VRS deferred compensation plan, you can also view your account balance to see whether you need to increase your contributions to stay on target toward your future retirement income.
