Hybrid Plan Members: Voluntary Contributions Auto-Increase in January
The next Hybrid Retirement Plan auto-escalation is fast approaching. If you are an eligible member not already contributing the maximum 4% in voluntary contributions to your retirement account, your contribution will increase by 0.5% in January 2023.
The higher your voluntary contribution, the more you can save on a pre-tax basis and take advantage of both compound earnings and employer matching funds. Keep your savings rolling with auto-escalation. To visualize how this increase will impact your paycheck, check out the Hybrid Member Paycheck Calculator.
You may opt out of auto-escalation until 4 p.m. December 15, and you can change your contribution amounts quarterly. SmartStep, another way to save, allows you to increase your contribution amounts annually on a schedule you choose. Auto-escalation takes place once every three years.
