Employer Update

For those just starting out in VRS-covered positions, learning about benefits may be overwhelming at first. VRS offers these helpful suggestions as you assist new employees in making the most of their retirement plan.

1. Share resources that explain their plan.

The VRS Member Guideis a great intro publication for new employees. It covers VRS’ various retirement plans, first steps for members, time-sensitive benefits and more.

Order copies of the VRS Member Guide today.

You’ll also find the guide and other essential publications, including member handbooks for each retirement plan and past issues of Member News online at varetire.org/publications. The Hybrid Retirement Plan handbook also is available for employers to order.

Members also can visit varetire.org/education for additional resources in various formats, including webinars, workshops and one-on-one counseling.

Hybrid Retirement Plan members should check out the Hybrid Plan Learning Channel, a series of short videos that offer quick insights into plan details.

Here area couple of handy checklists to help you orient new employees:

• Hybrid Plan New Hire Checklist
• Plans 1 & 2 New Hire Checklist

2. Remind them to register for their myVRS account.

Members can access myVRS within 30 to 45 days after they start work. Claiming their online account timely will help prevent identity theft and allow them to view their plan designation, account balance and benefit coverage.

This video shows employees how to secure their accounts .

Once they’re registered for myVRS, members should check out myVRS Financial Wellness to access start-here guides, budgeting tools and personalized action plans to help them reduce financial stress and manage their finances effectively.

Members also should head over to Account Access to register for their defined contribution accounts, if applicable. Getting started early with additional savings will add up over time.

3. Counsel them to name beneficiaries as soon as possible.

Members can name beneficiaries for their defined benefit member contribution account and their VRS Basic and Optional Group Life Insurance using the beneficiary maintenance feature in their myVRS account. Naming a beneficiary ensures there’s no confusion around who should receive benefits in the event of a member’s death.

Hybrid Retirement Plan members and participants of other defined contribution plans also will need to name beneficiaries for DC plans by logging into Account Access.

4. Show them ways to boost their savings.

Planning for a secure future starts with saving today. For Hybrid Retirement Plan members, that means making voluntary contributions to their Hybrid 457 Deferred Compensation Plan. By contributing the maximum 4% voluntary contribution now, they will receive the full 2.5% employer match. Contributing more earlier pays off in greater retirement security later.

If you participate in the Commonwealth of Virginia 457 Deferred Compensation Plan and the Virginia Cash Match Plan, remind new employees about their option to supplement their retirement savings.

Hybrid plan members who are also eligible for the Virginia Cash Match Plan should first maximize their voluntary contributions to the Hybrid 457 Deferred Compensation Plan to receive the full employer match, and then begin contributing to the Commonwealth of Virginia 457 Plan.