Employer Update

“But how do I know if I’ll have enough to retire?”

That sentiment is one of the most frequent questions employees have about retirement. Fortunately, myVRS includes a broad set of tools you can promote to help workers get clearer about their retirement plan and forecast.

It starts with registering for myVRS. Please continue to urge new and current employees to claim their myVRS accounts so they can take full advantage of all the resources and tools to better understand financial forces in retirement and plan the steps needed to brighten their retirement forecast.

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 for financial security in retirement, and the tool asks members to project what percentage of their current income they would like to keep in retirement (80% is the default). Then 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 in order to 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 inform employees and help them take action. Current offerings include saving and investing for longer lifespans and planning techniques to avoid delaying your retirement.