Virginia Retirement System (VRS) Benefit Estimator
Estimate your potential monthly VRS retirement benefit.
This is an approximation and not a guarantee.
Virginia Retirement System (VRS) Plan 1 & 2 (1.7% multiplier)
Virginia Retirement System (VRS) Plan 2 (1.71% multiplier for covered by Social Security)
Virginia Retirement System (VRS) Plan 3 (2.0% multiplier)
Law Enforcement Officers' Retirement System (LEORS) Plan 1 & 2 (1.7% multiplier)
Law Enforcement Officers' Retirement System (LEORS) Plan 3 (2.0% multiplier)
Understanding the Virginia Retirement System (VRS) Benefit Calculation
The Virginia Retirement System (VRS) provides retirement benefits for most state employees,
public school employees, and many local government employees in Virginia.
Estimating your retirement benefit can help you plan for your financial future.
The standard formula used by VRS to estimate your defined benefit retirement benefit is:
Estimated Monthly Benefit = (Years of Creditable Service) × (VRS Plan Multiplier) × (Average Monthly Salary)
Let's break down each component of this formula:
Years of Creditable Service: This is the total number of years and full months you have worked in a position covered by VRS and made contributions.
VRS Plan Multiplier: This percentage is determined by the specific VRS plan you are enrolled in. Different plans have different multipliers, which significantly impact your benefit amount. Common multipliers include 1.7% (0.017) for Plan 1 & 2, and 2.0% (0.020) for Plan 3 and some specialized plans like LEORS. The calculator uses the selected multiplier for estimation.
Average Monthly Salary: This typically refers to your average monthly salary over the 36 consecutive months of service in which your covered salary was highest.
Important Considerations:
Early Retirement Reductions: Retiring before your full retirement age (generally 65 for Plan 1 & 2, or after age 60 with 5+ years of service for Plan 3) may result in a reduction of your monthly benefit. This calculator provides a simplified estimate; actual reductions depend on your specific plan and age.
Vesting: You must be vested in VRS to receive retirement benefits. Vesting typically requires 5 years of service.
Cost-of-Living Adjustments (COLA): VRS benefits may be eligible for post-retirement cost-of-living adjustments, which are not included in this initial calculation.
Social Security: This estimate does not include any Social Security benefits you may be eligible for.
Official Estimates: For an official and accurate retirement benefit estimate, please consult the Virginia Retirement System directly or use their official online tools. This calculator is for informational and planning purposes only.
function calculateVRSBenefit() {
var currentAge = parseFloat(document.getElementById("currentAge").value);
var retirementAge = parseFloat(document.getElementById("retirementAge").value);
var vrsPlanMultiplier = parseFloat(document.getElementById("vrsPlan").value);
var yearsOfService = parseFloat(document.getElementById("yearsOfService").value);
var averageSalary = parseFloat(document.getElementById("averageSalary").value);
var resultDiv = document.getElementById("result");
resultDiv.style.display = "none"; // Hide previous result
// Input validation
if (isNaN(currentAge) || currentAge <= 0 ||
isNaN(retirementAge) || retirementAge <= 0 ||
isNaN(vrsPlanMultiplier) || vrsPlanMultiplier <= 0 ||
isNaN(yearsOfService) || yearsOfService <= 0 ||
isNaN(averageSalary) || averageSalary <= 0) {
resultDiv.innerHTML = "Please enter valid numbers for all fields.";
resultDiv.style.backgroundColor = "#f8d7da"; // Error color
resultDiv.style.color = "#721c24";
resultDiv.style.display = "block";
return;
}
if (retirementAge < currentAge) {
resultDiv.innerHTML = "Desired retirement age cannot be less than current age.";
resultDiv.style.backgroundColor = "#f8d7da"; // Error color
resultDiv.style.color = "#721c24";
resultDiv.style.display = "block";
return;
}
// Simplified calculation: Basic formula without early retirement reduction factor for this tool
// VRS calculates an initial benefit based on the formula, then applies reductions if retiring early.
// For simplicity, this calculator shows the potential benefit *before* early retirement reductions.
var estimatedMonthlyBenefit = yearsOfService * vrsPlanMultiplier * averageSalary;
// Format the result
var formattedBenefit = estimatedMonthlyBenefit.toFixed(2);
resultDiv.innerHTML = "Estimated Monthly Retirement Benefit:$" + formattedBenefit + "";
resultDiv.style.backgroundColor = "var(–success-green)"; // Success color
resultDiv.style.color = "white";
resultDiv.style.display = "block";
}