Employer Update

This October, National Retirement Security Month affords you an opportunity to reengage with employees about their future. Key questions to ask:

• Are they on track with their savings goals?
• How familiar are they with their VRS retirement plan and benefits?
• Are they confident in their financial knowledge?

Show Employees How to Use Their MBPs and myVRS to Stay on Track

Member Benefit Profiles for 2023 are now available in employees’ myVRS accounts. The MBP is a member’s annual benefit statement—a snapshot in time—based on information reported as of June 30. It provides information on the member’s account balance, retirement eligibility and eligibility for other benefits, such as group life insurance and the health insurance credit.

myVRS provides real-time member account information. Used together, myVRS and the MBP help members stay on track with retirement savings goals.

Use prepared messaging from VRS to help you promote the value of MBPs to employees. You can simply copy and paste the content into your internal communications.

Contact VRS for On-Site Support

The VRS Member Outreach team provides support, education and resources to Plan 1 & Plan 2 members in five regions across the state: Central, Northern Virginia, Southwest, Tidewater and Western. A dedicated outreach counselor is available in each region.

View the topic catalog for on-site sessions, which are available on request.

On-site support is also available for Hybrid Retirement Plan members and participants in other VRS defined contribution plans.

Share the Benefits of Financial Wellness

The award-winning myVRS Financial Wellness program aims to help VRS members make informed and educated decisions on everyday financial matters while saving for the future.

The more employees engage with myVRS Financial Wellness, the more tailored the content recommendations become. Based on their activity, the program surfaces videos, tools and other resources to keep the progress going.

The VRS Financial Wellness Toolkit includes ready-made content (email messages, articles, flyers, short posts and graphics) you can share across your workplace to help employees take a more active role in their own planning and financial well-being.

Encourage Members to Create a Blueprint for The Future

VRS members have access to Certified Financial Planning services provided through MissionSquare Retirement, the third-party record keeper for VRS Defined Contribution Plans.

Members and retirees may sign up for no-cost webinars and one-on-one 30-minute consultations with CFP® professionals at varetire.org/make-a-plan. Spouses and loved ones are welcome to be a part of the conversation.

These financial planning services are in addition to customer support provided by DC Plans Specialists. Members and retirees with defined contribution plan accounts should continue to contact DC Plans Specialists for plan-specific questions.