Paycheck Calculator Helps Employees Visualize Their Savings

November 2021
An image with a photo of a man working on his laptop on the left side and a screen capture of the paycheck calculator website page on the right side.

Voluntary contributions – through the Hybrid Retirement Plan and the Commonwealth of Virginia 457 Deferred Compensation Plan (if applicable) – allow VRS members to accumulate additional savings on a pre-tax or after-tax basis and increase savings through the employer match.

Those extra savings really add up!

Show, don’t just tell: There’s a difference, however, between telling employees and actually showing them the positive impact of additional savings. Our interactive member paycheck calculator puts employees in the driver’s seat when it comes to determining how much they want to save. The calculator shows how different pre-tax and after-tax deduction amounts could impact their take-home pay.

Next steps? Once they see how additional savings will positively impact their future, it’s a snap for employees to then log into their accounts and increase their contribution amounts to make saving projections a reality.