Update on VRS Hybrid Retirement Plan’s auto-escalation
On Jan. 1, 2020, the VRS Hybrid Retirement Plan's auto-escalation feature will boost retirement savings. Voluntary contributions will automatically increase by 0.5 percent, every three years until reaching 4 percent. The auto escalation does not affect employees already contributing the maximum of 4 percent to the VRS Hybrid Voluntary Defined Contribution portion.
Employees to see an auto escalation:
- Currently in the VRS Hybrid plan hired on or before Sept. 3, 2019.
- Currently not contributing the maximum 4 percent to the Hybrid 457 plan.
To opt out of auto escalation, members can log into Account Access at www.varetire.org/hybrid or call Participant Services at 877-327-5261 no later than Dec. 16, 2019. Members may visit the hybrid member website to learn more.
For assistance, contact the ICMA-RC Defined Contribution Employer Support Team at 1-877-327-5261 (select option 3 from the menu) or DefinedContributionsEmployerSupport@icmarc.org.
For help with defined benefit component hybrid questions, call VRS at 1-855-291-2285. For help with current contributions, call the Division of Human Resources at 540-231-9331 or visit the auto-escalation’s webpage.