March 15 Is Next Deadline for Hybrid Plan Members to Save More

March 2024
A teacher points over his shoulder at words on the chalkboard reading Deadline March 15.

For VRS members in the Hybrid Retirement Plan, voluntary contributions are a smart and easy way to save more for their futures.

Remind hybrid plan members that they may contribute up to 4% of their creditable compensation each month to the 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 deadline to make changes is 4 p.m., March 15.

Saving Is as Easy as 1-2-3

  1. Log in to Account Access.
  2. Click View Account for the Hybrid Deferred Compensation Plan.
  3. 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.

Double-Check Your Snapshot

Accurate reporting of contributions to the defined contribution component of the hybrid plan is essential each pay period.

  • Ensure your payroll system accurately reflects voluntary election changes by downloading your Deferral Change report every quarter.
  • To see voluntary elections for all employees, download the Deferrals report.
  • As a best practice, regularly reconcile the amounts you remit to MissionSquare Retirement with the amounts withheld in payroll.
  • For more information, review the payroll page on the Hybrid Resource Center for Employers.