Employer Update

Does a Hybrid Retirement Plan member need to re-elect voluntary contributions when hired by another VRS-participating employer?

Yes. Any employment separation that occurs in myVRS Navigator will result in MissionSquare Retirement changing the employee’s voluntary contribution election to zero. The employee will receive a confirmation notice from MissionSquare alerting them to the change.

When you have a new employee, communicate the status of their contributions and encourage them to re-establish the contributions via Account Access. When beginning work for another VRS-participating employer, the employee will need to re-elect a deferral amount. The same holds true for employees who are making deferrals to the Commonwealth of Virginia 457 Deferred Compensation Plan.

Employees may log into Account Access to re-elect their contribution amounts.