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June 17 Is the Next Deadline for Voluntary Contribution Changes
Hybrid Retirement Plan members can contribute up to 4% of their creditable compensation each month to the defined contribution component of their plan and receive an employer match.
The next quarterly deadline for contribution election changes is 4 p.m., June 17.
PRO TIP
Send employees a reminder email to increase voluntary contributions for the next quarter, or post the upcoming deadline to your intranet, especially if employees are receiving a salary increase in the new fiscal year.
Employees can change their contribution elections in four simple steps:
- Log in to Account Access.
- Click View Account for the Hybrid 457 Deferred Compensation Plan.
- Select Contributions.
- Click on Change My Contribution Amount.
Paycheck Calculator Helps Visualize Impact of Savings
Employees can use the paycheck calculator to 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.
