Employer Update

Each year, VRS employers have access to a forfeiture account balance with MissionSquare Retirement that can be used to offset your year-end employer contributions for the Hybrid 401(a) Cash Match Plan. The forfeiture account results from unvested funds from terminated plan members. To prepare for the transition to Voya Financial effective January 1, 2025, this year’s forfeiture window has been moved forward to October and November.

You can easily view your forfeiture balance in EZLink and apply it to your contribution file to offset your employer source contributions. For assistance with this process:

• Refer to the Instructions for Using Forfeiture Assets to Offset Employer Contributions for the Hybrid 401(a) Cash Match Plan.
• Reach out to MissionSquare’s Employer Support Team at 877-327-5261 (option 3) or by email at DefinedContributionsEmployerSupport@missionsq.org.

It is a good practice to use your entire forfeiture balance each year. If you do not use your forfeiture funds for the current year, the forfeiture balance will automatically move from MissionSquare to Voya. Additional information about the usage of forfeiture funds in 2025 will be provided later this fall, as employer transition meetings begin.