2016 Virginia Retirement System Member Benefit Profiles Are Now Available for Plan 1 and Plan 2 Participants

September 15, 2016

Financial Fitness, Retirement

Member Benefit Profiles are now available for Virginia Retirement System (VRS) participants in Plan 1 and Plan 2.  If your VRS membership date was on or before December 31, 2013, you are covered by one of these two plans unless you joined the VRS Hybrid Plan during the one-time opt-in period in April, 2014.

The Member Benefit Profile is an online benefits statement providing important information including a retirement income analysis.  This feature shows each member’s retirement income estimate as of June 30, 2016 compared to a retirement income target of replacing 80% of pre-retirement salary.  The retirement income estimate combines each member’s estimated unreduced VRS benefit with a Social Security estimate.  It also includes an estimate annuity from the Commonwealth of Virginia 457 Deferred Compensation Plan (DCP) for those who participate.

To view your Member Benefit Profile, go to www.varetire.org/myVRS to log in or create a secure online account.  Employees without any computer access may request a printed copy from VCU Benefits.

Member Benefit Profiles are not currently available for VRS Hybrid Plan members, however members of the Hybrid Plan can look up their current defined benefit and defined contribution account balances and other information through myVRS or the plan’s web site at www.varetirement.org/hybrid. The retirement planner in myVRS allows Hybrid Plan members to estimate potential income and expenses in retirement.

About benefits

The VCU benefits team administers employee benefits for faculty and staff of Virginia Commonwealth University. The team consists of: Daniel Jason (Benefits Manager), Daynon Smith (Senior Benefits Analyst), Sherri Goodine (Benefits Specialist), and Jennie Kim (Benefits Assistant).

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