Employer Update

When switching jobs between VRS-participating employers, do hybrid plan members need to re-elect their voluntary contributions?

Yes. Any employment separation that occurs in myVRS Navigator, including employees switching between state agencies, will result in MissionSquare Retirement changing the employee's voluntary contribution election to zero, including a separation entered in myVRS Navigator in error. The employee will receive a deferral change confirmation from MissionSquare Retirement showing the change to 0%.

If an employee believes the change to 0% occurred in error, they should make a new election and contact their employer to report the error. Employers may contact dcplans@varetire.org to report a voluntary election discrepancy.

The same holds true for employees who are switching jobs between agencies that participate in the Commonwealth of Virginia 457 Deferred Compensation Plan. They also will need to re-elect contributions to that plan.

As part of the onboarding process, counsel employees to log in to their DCP accounts to make sure their voluntary contribution election percentage is correct.

Employees may call MissionSquare Participant Services at 877-327-5261 (Option 1) or log into Account Access to re-elect their contribution amounts.