Employer Update

Hybrid Plan Members Can Now Make Monthly Contribution Elections

Previously, Hybrid Retirement Plan members could only make quarterly voluntary contribution changes. Effective January 2025, members can do so monthly, providing greater flexibility in setting or changing their voluntary contribution election percentages. And, for new hires, this means their contributions will be invested sooner.

Members can set or increase their voluntary contribution amounts by logging into their DCP Account. Changes must be made by 4 p.m. on the last business day of the month to take effect the following month.

Look Back at 2024

Fiscal Year 2024 was a year of innovation, service and resilience.

Three big takeaways:

• VRS paid $6.5 billion in retirement benefits.
• The value of the VRS investment portfolio grew $8.3 billion to end the fiscal year at $114.3 billion.
• Total registrations for myVRS increased by 12.4% to 566,258.

Access 2024 Annual Reports online.

IRS Increases 2025 Limits for Tax-Deferred Saving

The Internal Revenue Service increased the dollar amounts participants may contribute to tax-deferred savings plans for tax year 2025, which began January 1. See the new contribution limits.