March 15 is Next Deadline for Hybrid Plan Members to Save More
For VRS members in the Hybrid Retirement Plan, voluntary contributions are a smart and easy way to save more for their futures.
Hybrid plan members may contribute up to 4% of their creditable compensation each month to defined contribution component of their plan and receive an employer match. Members who max out early in their careers will see their investment earnings compound over time.
Members can boost their voluntary contribution elections on a quarterly basis. The next quarterly deadline is 4 p.m., March 15.
Members Can Save More in Three Easy Steps
- Log in to Account Access.
- Click View Account for the Hybrid Deferred Compensation Plan.
- Select Contributions to change the contribution amount.
If they're not ready to save the maximum 4% now, then members can choose the SmartStep option to make increases at their own pace.
Point them to our paycheck calculator so they can see the impact of increased savings on take-home pay. It may not be as much as they think because voluntary contributions reduce taxable income.
Help your employees save more by sharing this video in your next agency employee newsletter, agency meeting and your intranet:
Take Time 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.
For more information review the payroll page on the Hybrid Resource Center for Employers.