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How often can Hybrid Retirement Plan members change their voluntary contribution election amounts?
Monthly.
Previously, hybrid 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.
After January, voluntary contribution changes should be processed on a monthly cycle. The Deferral Change report (called the Feedback File in Voya’s system) will be available on the first business day of the month for changes requested in the previous month. Voya will send reminder emails to employers about the new process. Changes should be included in the first available pay period of the month. For example, if your normal pay dates are the 1st and the 15th of the month, the 15th would be the first available pay date and is when changes should be reflected.
