Employer Update

The Hybrid Retirement Plan’s auto-escalation feature went into effect January 1. Members you reported to VRS by September 9, 2022, who were not already contributing 4% in voluntary contributions, were subject to the 0.5% increase.

While auto-escalation is a built-in feature of the hybrid plan, members don’t need to wait to save more for retirement. They may increase voluntary contributions each quarter (the next contribution deadline is March 15). By contributing 4% now, they will receive the full 2.5% employer match.

Here are some quick facts about the 2023 auto-escalation:

* Active control is when a participant logs into their account and elects a contribution level greater than 0.5%.