Employer Update

We hired an employee in the Hybrid Retirement Plan who previously worked for another VRS-participating employer. Will the member need to re-elect voluntary contributions to the Hybrid 457 Deferred Compensation Plan?

Yes. Any employment separation that occurs in myVRS Navigator will result in MissionSquare Retirement changing the employee’s voluntary contribution election to zero. The employee will receive a confirmation notice from MissionSquare alerting them to the change.

When you have a new employee, communicate the status of their contributions and encourage them to re-establish the contributions via Account Access. When beginning work for another VRS-participating employer, the employee will need to re-elect a deferral amount. The same holds true for employees who are making deferrals to the Commonwealth of Virginia 457 Deferred Compensation Plan.

Employees may log into Account Access to re-elect their contribution amounts.