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Start your new year in the right direction by setting aside a few minutes to review your annual Member Benefit Profile, or MBP. This printable statement is a checkpoint to help you plan the next steps on your journey to retirement.

Find your MBP in myVRS. Log in and find My History in the menu, then select Annual Statements.

What’s Covered in Your MBP

You may already use myVRS or DCP Account Access to monitor your retirement savings and account balances throughout the year. Your MBP provides a snapshot of your retirement and benefit information as of June 30.

It includes a target income analysis that will assist you in making decisions today that will help you reach the amount you need to live comfortably in retirement. See if additional savings could help you bridge the gap and consider other benefits you may be eligible for, such as life insurance and the health insurance credit.

Your MBP provides your:

• Projected monthly VRS benefit and an estimate of your Social Security benefit.
• VRS member contribution account balance.
• Defined contribution account balance, if applicable.
• Life insurance coverage amount (if eligible).
• Future income projections.
• Eligibility for other future retirement benefits, such as the health insurance credit.

Hit Your Target Income in Retirement

Most retirement planning experts recommend setting at least 80% of your current earnings as the benchmark for what you will need during retirement to support a reasonable standard of living. The customized retirement income analysis in your MBP measures your retirement income estimate against 80% of your current compensation.

Viewing your MBP may prompt you to set a New Year’s resolution, such as increasing contributions to a supplemental savings plan or increasing voluntary contributions if you’re in the Hybrid Retirement Plan.

You can also use these personalized tools to help you plan:

• myVRS Benefit Estimator. Create estimates of your retirement benefit based on different benefit payout options or retirement dates.
• myVRS Retirement Planner. Set your income-replacement goal and estimate your income upon retirement. Include your estimated VRS benefit or one you create through the Benefit Estimator. Add income from a spouse, part-time job or other sources of retirement income. Build in retirement expenses such as taxes and health insurance. Use the assumptions the planner provides for many of these factors, or enter your own figures. You can also see the impact of increasing contributions to any retirement savings plans in which you participate.

Log in to your myVRS account and start planning a better tomorrow, today!

NOTE Make sure your information is current in myVRS and Account Access. Read more in Announcements.