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Onboard Like a Pro With These Four Essential Steps
There is a lot to cover with new employees, especially when it comes to explaining their VRS benefits. Here are some tips for covering the basics:
1. Share resources that explain their VRS plan and benefits.
Bookmark and share varetire.org/publications. There, you’ll find essential publications, including member handbooks and Member News.
Point new hires to varetire.org/education for VRS education topics in various formats, including webinars, workshops and one-on-one counseling. Use the VRS Member Guide in new employee orientation sessions.
2. Remind employees to register for their myVRS account.
Encourage members to access myVRS within 30 to 45 days after their first day of work. Claiming their online account will help prevent identity theft and allow them to view their plan designation, account balance and benefit coverage. Members should add their contact information, including mobile number and personal email address. As an added security measure, VRS automatically locks all myVRS accounts if not registered within 90 days.
3. Counsel employees to name beneficiaries as soon as possible.
Members can name beneficiaries for their defined benefit member contribution account and their VRS Basic and Optional Group Life Insurance using the beneficiary maintenance feature in their myVRS account. Naming a beneficiary ensures there’s no confusion around who should receive benefits in the event of a member’s death.
Hybrid Retirement Plan members and participants of other defined contribution plans also will need to name beneficiaries for DC plans by logging into their DCP Account.
4. Show them ways to boost their savings.
Contributing more earlier pays off in greater retirement security later.
For Hybrid Retirement Plan members, that means making voluntary contributions. You don’t want your employees to miss out on employer matching contributions. Encourage employees to save the maximum voluntary contributions to take advantage of the employer match. If they contribute the maximum 4%, they will receive the full 2.5% employer match.
If you participate in the Commonwealth of Virginia 457 Deferred Compensation Plan and the Virginia Cash Match Plan, remind new employees about the option to supplement their retirement savings.
Hybrid Retirement Plan members who are also eligible for the Virginia Cash Match Plan should first maximize their voluntary contributions to the Hybrid 457 Deferred Compensation Plan to receive the full employer match, and then begin contributing to the Commonwealth of Virginia 457 Plan.
