VRS Employer Update Categories | Hybrid Retirement Plan

Category: Hybrid Retirement Plan

After July 1, you will no longer reconcile the defined contributions for hybrid plan members with your monthly VRS snapshot.

Monthly snapshots will change, so make sure you consider any impacts on your internal processing.

Members who max out early in their careers will see their investment earnings compound over time.

Starting this month, VRS will provide Snapshot Comparison reports previewing how your snapshot will look after rate separation.

Use these new reports to help visualize how your snapshot will look after hybrid plan rate separation takes place July 1.

SmartStep hybrid plan members save more for retirement with automatic, annual increases to their voluntary contributions.

Get answers to your questions about hybrid rate separation and download a spreadsheet of payroll examples.

Now is the time to update payroll systems, budget for defined contribution payments and address reconciliation issues.

Hybrid plan members can contribute up to 4% each month and receive an employer match.