Your Turn to Ask
What can I do in my 20s and 30s to ensure I’m prepared for the future?
Plan for the future by starting early. Here are a few steps to help you make the most of your VRS benefits:
- Learn about your plan. Whether you’re in Plan 2 or the Hybrid Retirement Plan, understanding your benefits is essential. Refer to the VRS Member Guidefor an overview of your plan, including contribution options, supplemental savings plans and how your benefits grow over time.
- Set up your online accounts. Log in to myVRS to track your progress, view your Member Benefit Profile, set your beneficiaries and use other self-service features, like updating your contact information. If you’re in the Hybrid Retirement Plan or participate in a VRS Defined Contribution Plan, be sure to access your DCP Account to manage your savings and make adjustments.
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Grow your savings. Small, consistent contributions now can make a big difference later. If you’re eligible, consider taking advantage of supplemental savings options like the Commonwealth of Virginia 457 Deferred Compensation Plan or increasing your voluntary contributions if you’re in the hybrid plan. Regularly increasing your contributions can help you reach your savings goals faster.
The SmartStep feature automatically increases your contributions based on the schedule and contribution that you select. Log in to your DCP Account to set up SmartStep, adjust the frequency or percentage, or turn off the feature.
- Take advantage of member education. Sign up for VRS member education sessions to learn about planning for your future, setting goals and maximizing your benefits. Live webinars and recorded sessions are available to fit your schedule.
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Explore resources from Voya Financial. Get to know your investment options, manage contributions and develop a retirement strategy with advisory and financial planning services from Voya Financial, the third-party record keeper for VRS Defined Contribution Plans. Local specialists can assist you with understanding your plans, and the Be Ready team offers personalized financial education to help you build financial security. All VRS members, regardless of participation in a defined contribution plan, are eligible for a free financial education and coaching session.
By taking these steps, you can build a strong foundation for financial security and be better prepared for whatever the future holds.
