myVRS Helps Members Plan and Track Retirement Income Goals
One of the most common questions employees ask about the future is: Will I have enough to retire comfortably?
Fortunately, myVRS offers a powerful set of tools to help employees better understand their retirement income and plan with confidence. These self-service resources can make a real difference—especially when employees hear it from you.
It all starts with registering for a myVRS account. Please continue to encourage both new and current employees to claim their online accounts. Once registered, they’ll gain access to personalized projections, goal-setting tools and a clearer picture of the financial steps they can take today to improve their retirement outlook tomorrow.
Retirement Planning
Once logged in to myVRS, employees can start their research by clicking on the Retirement Planning tab. From there, they will have access to tools such as a retirement budget worksheet and resources to help them factor in taxes and health care costs during retirement.
Links in the Retirement Planning section explore the context of financial security in retirement. The tool prompts members to set a goal for income replacement when they retire (80% is the default). The employee can create and save a plan that outlines major elements of their retirement picture.
The myVRS Retirement Income Planner tool displays estimated monthly income from the pension, with the option to add Social Security benefit estimates and potential income from other retirement savings streams (such as a defined contribution plan or savings account). Those income streams are combined to reveal whether the member is on track to meet the 80% or other income goal.
Benefit Estimator
A second major source of help is the myVRS Benefit Estimator. Members who will draw a VRS pension have multiple decisions to make that will affect the amount of a monthly benefit.
Examples include providing a benefit to a surviving spouse or whether the member wishes to work longer and take a partial lump sum distribution (PLOP) at retirement. Employees can learn more about these options and make (nonbinding) choices that will help produce the most accurate income estimate possible.
Financial Wellness
No matter where an employee is on the path to retirement, financial choices made today will affect the outcome. myVRS Financial Wellness, another tab on the member page, includes a wide range of resources (articles, videos, self-paced courses) to aid planning.
