Employer Update

Hybrid Retirement Plan members may contribute up to 4% of their creditable compensation each month to the defined contribution component of their retirement plan and receive an employer match.

Members can boost their voluntary contribution elections on a quarterly basis.

The next quarterly deadline is 4 p.m., June 15.

Encourage employees to maximize their retirement savings following these quick and simple steps:

1. Log in to Account Access.
2. Click View Account for the Hybrid 457 Deferred Compensation Plan.
3. Select Contributions.
4. Click on Change My Contribution Amount.

Paycheck Calculator Helps Visualize Savings

Point employees to the online paycheck calculator, which helps them see how voluntary contributions and other deductions will affect their take-home pay.

When they max out at 4%, members receive the full 2.5% employer match, as required by state law. Members who max out early in their careers will see their investment earnings compound over time, helping them save more for future goals.

Be Sure 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, review your snapshot each month to ensure you are withholding the correct amount from each employee’s paycheck and remitting those contributions to MissionSquare Retirement.