Employer Update

Hybrid Retirement Plan members may voluntarily contribute up to 4% of their creditable compensation each month to the defined contribution component of their retirement plan. They may adjust their voluntary contribution elections on a quarterly basis to help meet savings goals.

The next quarterly deadline is Monday, March 15 at 4 p.m.

Encourage employees to maximize retirement savings: Consider sending employees a reminder email to increase voluntary contributions in the next quarter or post to your intranet the upcoming deadline and link. From the hybrid member website, they’ll just 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).

The paycheck calculator shows the impact of voluntary contributions and other deductions on employees’ paychecks.

The Savings Toolkit video on the Hybrid Plan Learning Channel shows members which tools to use to maximize their savings and track their progress on saving for their futures.

Remember to review your snapshot: Accurate reporting of contributions to the defined contribution component of the hybrid plan is essential each pay period. As a best practice, take time to review your Snapshot each month to ensure you are withholding the correct amount from each employee’s paycheck.

Review the Payroll section of the Hybrid Resource Center for Employers for information on reconciling payroll, processing contributions and making payments.

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.