Your Turn to Ask

August 2024
a young man smiling and pointing at the viewer next to text which reads your turn to ask

I want to max out my voluntary contributions to the Hybrid Retirement Plan. How can I preview the impact on my take-home pay?

Maximizing your voluntary contributions can significantly boost your retirement savings over time. Plus, you’ll get the maximum employer match. Use the Paycheck Calculator to see how increasing your pretax contribution will affect your take-home pay.

  1. Enter your information. Key in your salary, pay frequency, current voluntary contribution rates and the total of any other deductions that appear on your paystub, such as the cost of health care coverage and your mandatory contributions.
  2. Adjust voluntary contributions. Set your new hybrid plan voluntary contribution rate to the maximum 4%.
  3. Review the results. The impact on your net pay may be less than you think. In the example below, based on an annual salary of $36,000, the difference is less than $50.

A screenshot of the paycheck calculator showing the difference of less than $50 that saving 4% would make for someone making $36,000 per year.

If you don’t want to contribute the full 4% right now, consider using SmartStep to make small annual adjustments to your contributions. For details, visit the Hybrid Retirement Plan website.

Previous Article |

You might be interested in

An open file cabinet drawer with a file folder sticking up out of it next to the DCP plans logo

Your DCP Account Will Soon Transition to Voya Financial

November 2024
A man pointing his finger at the viewer next to text which reads your turn to ask.

Your Turn to Ask

November 2024
bar graph icon with trend line showing increase from left to right. Next to the icon is text reading make the most of your hybrid plan

Hybrid Plan Members: Boost Your Savings With Voluntary Contributions

November 2024