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Information on the VRS Hybrid 457 voluntary contribution exception

From: Human Resources

A message for employees who are participating in the VRS Hybrid plan and making voluntary contributions.

The Virginia Retirement System (VRS) is aware that some members may be experiencing financial stress as a result of the COVID-19 pandemic. To provide flexibility, VRS will allow members impacted by the pandemic to change the amount of their hybrid voluntary contributions on a monthly basis, rather than a quarterly basis.

Employees can access the Voluntary Contribution Change Exception Form through ICMA-RC Account Access or by contacting Participant Services at 1-877-327-5261, option 1. Completed forms should be sent to Human Resources via their secure drop box.

Members may use this form to change contribution amounts if one of the following scenarios apply:

  1. The member is being furloughed or experiencing a salary reduction as a result of the coronavirus pandemic.
  2. The member’s spouse or dependent are experiencing adverse financial consequences as a result of the coronavirus pandemic.

The schedule for submitting change requests are as follows:

 
Deadline for Submitting to Human Resources Effective Contribution Month and Pay Date
5/30/2020 – 6/26/2020 July (7/16/20 pay date)
6/27/2020 – 7/29/2020 August (8/14/20 pay date)
7/30/2020 – 8/28/2020 September (9/16/20 pay date)

Please note that changes made by employees in academic year positions will be effective for September contributions (effective for the 9/16/20 pay date).

For questions, contact the HR service center at hrservicecenter@vt.edu or 540-231-9331.