Employer Update

There is a lot to cover with new employees, especially when it comes to explaining their VRS benefits. Here are three tips to help you with orientation:

1. Set up online accounts.

• Employees should register for their myVRS accounts. They may register for their online defined contribution accounts, if applicable, through Account Access.
• Once in myVRS, members have access to a pair of important retirement-planning tools. They can use the myVRS Benefit Estimator to generate estimates of their benefit in retirement and to experiment with different scenarios. With the myVRS Retirement Planner, they can set income-replacement goals and enter their expected income sources in retirement. The planner also helps project expenses in retirement, such as health care and taxes, and offers calculators and a budgeting worksheet.
• myVRS Financial Wellness provides a library of resources and practical financial tools to aid members with goal setting and making the most of their finances and careers.
• Employees can access their online myVRS accounts once you enter them in myVRS Navigator.

2. Name beneficiaries.

• Once they have set up their myVRS and defined contribution accounts (if applicable), employees can name beneficiaries for their VRS benefits, including group life insurance.
• Hybrid Retirement Plan members will need to name beneficiaries for both the defined benefit and defined contribution components of their plan.

3. Encourage hybrid plan members to take full advantage of savings opportunities.

• Voluntary contributions allow hybrid plan members to accumulate retirement savings on a pre-tax basis and lay the groundwork for meeting their income goals during retirement. By contributing the maximum 4% voluntary contribution now, they will receive the maximum 2.5% employer match.
• If your organization participates in the Commonwealth of Virginia 457 Deferred Compensation Plan and the Virginia Cash Match Plan, remind new employees about their option to participate.
• Hybrid plan members should maximize their voluntary contributions to the Hybrid 457 Deferred Compensation Plan first so that they receive the full employer match before contributing to the Commonwealth of Virginia 457 Plan, if available.

Find all the above tips – and many more – in the VRS Member Guide (available to order), an easy-reference booklet you may distribute to all covered employees as you onboard new hires and hold orientation sessions.Watch our promotional video  and share it with employees.