Member News

Create your own valentine this month by taking simple steps toward a sweeter tomorrow:

1. Tackle outstanding debts. When you choose to pay down your debt, you’re saving on interest and late fees while maintaining or improving your credit score. Paying off debt means freeing up cash flow and gaining more financial freedom.
   
   If you need help getting started, take the Getting Out of Debt course available through myVRS Financial Wellness.
2. Leap to a higher voluntary contribution amount. Hybrid Retirement Plan members who contribute the maximum 4% receive a 2.5% match from their employer. Don’t leave those employer matching dollars on the table.
   
   Log in to Account Access to make a change before the next quarterly deadline on March 15. See how your savings can add up over time — read Hybrid Plan Members: Pay Yourself First from August Member News.
3. Consider a savings boost. In addition to your VRS plan, your employer may offer a supplemental savings plan such as the Commonwealth of Virginia 457 Deferred Compensation Plan. Take advantage of tax-deferred savings through convenient payroll deductions.
   
   In addition, if you’re a state employee or your employer participates in the Virginia Cash Match Plan, you can receive a cash match equal to 50% of your contribution to the Commonwealth of Virginia 457 Plan (up to $20 per pay period). Hybrid plan members must reach the maximum voluntary contribution amount to the Hybrid 457 Plan to be eligible for the Virginia cash match.

By taking these first steps, you can build a healthy relationship with your finances. Solid financial planning isn’t about being a money expert; it’s about caring for yourself and preparing for the unexpected.