Navigator
Next Hybrid Plan Voluntary Contribution Change Deadline: June 15
Hybrid Retirement Plan members can adjust their voluntary contribution elections on a quarterly basis — contributing up to 4% of their creditable compensation each month — to help meet their savings goals.
The next quarterly deadline is Tuesday, June 15 at 4 p.m.
Consider sending employees a reminder email to increase voluntary contributions for the next quarter, or post the upcoming deadline to your intranet, especially if employees are receiving a salary increase in the new fiscal year.
From the hybrid member website, members need to log in through Account Access, select Contributions for the Hybrid 457 Deferred Compensation Plan and click on Change My Contribution Amount. Or, they can call ICMA-RC Participant Services at 877-327-5261 (option 1).
Here are three ways you can help members boost their savings:
- Remind members it's a good practice to Log in to Account Access to review and increase their contributions each year. The employer toolkit offers resources to help you engage employees.
- Point them to the paycheck calculator to visualize the impact of saving on their paychecks. (It's often less than they may expect because contributions are pre-tax.)
- If they have questions about their savings strategy, members should contact their DC Plans Specialist for assistance.
The Savings Toolkit video on the Hybrid Plan Learning Channel guides members to tools to help maximize their savings and track their progress.
Don’t forget to review your snapshot: Make sure you are withholding the correct amount from each employee’s paycheck every month. Refer to the Payroll section of the Hybrid Resource Center for Employers for information on reconciling payroll, processing contributions and making payments. Remember to send payments to ICMA-RC with each payroll. If funds are not invested in member accounts in a timely manner, you may have to pay missed investment earnings.
- For questions about myVRS Navigator, contact VRS Employer Support at 888-827-3847 (option 5, then 1).
- Contact the ICMA-RC Employer Support Team at 877-327-5261 (option 3) for EZLink/defined contribution payment assistance.
