Employer Update

This October, take time to meaningfully engage with employees during National Retirement Security Month with reminders to revisit their retirement goals and gauge if they're on track for a secure future.

VRS invites you to share the following short messages with members to steer them to the retirement planning tools and resources available to them.

Copy and paste the messages below into emails, newsletter articles or flyers as you communicate with employees during October.

Get Started With myVRS

Register and log in to myVRS to access retirement planning resources and self-service features.

• Try out the myVRS Benefit Estimator to see what your VRS benefit in retirement might look like under different scenarios.
• With the myVRS Retirement Planner, you can set an income-replacement goal and enter expected income sources. The planner includes calculators and a budgeting worksheet to help you meet your goals.
• Start planning for tomorrow, today! Even if you’re not contemplating retirement, log in to myVRS to access your annual Member Benefit Profile and information about your other VRS benefits, from one convenient location.

Learn More With myVRS Financial Wellness

The nationally recognized myVRS Financial Wellness program will help you make informed and educated decisions on everyday financial matters while saving for the future.

myVRS Financial Wellness delves into more than 100 different topics, including:

• Setting budgets and tackling debt.
• Understanding your money personality and managing financial stress.
• Estate planning and other family financial matters.
• Paying for college and repaying student loans.

Using your secure myVRS account, you can access articles, videos, customized action plans and more – all tailored to help you pursue and meet your short- and long-term financial goals.

Get Free Financial Planning Assistance

VRS members may sign up for no-cost webinars and one-on-one 30-minute consultations with Certified Financial Planning (CFP) professionals. Services are provided through MissionSquare Retirement, the third-party record keeper for VRS Defined Contribution Plans.

Learn more about annuities, Medicare, tax planning, Social Security and more by attending an upcoming CFP webinar. Topics refresh and rotate, so check back for the latest.

Hybrid Retirement Plan Members: Don't Miss the Match!

The Hybrid Retirement Plan combines the features of a pension plan (defined benefit) and a 401(k)-style plan (defined contribution). The defined benefit provides the foundation of your future retirement benefit. The defined contribution provides a tax-deferred savings plan for you to build on your defined benefit. It's important to maximize your voluntary contributions at 4% to receive the full 2.5% employer match.

Act now: 4 p.m., September 15 is the next quarterly deadline for voluntary contribution changes.

[If you offer the Commonwealth of Virginia 457 plan to employees, include the following in your messaging.]

Once you reach the maximum 4% voluntary contributions in the hybrid plan, consider saving even more with the Commonwealth of Virginia 457 Deferred Compensation Plan. If you contribute at least $10 per paycheck to the Virginia Cash Match Plan, you will receive a 50% cash match, up to a maximum $20 match per pay date. Even modest savings add up over time.