Your Turn to Ask
When switching between VRS-participating employers, do members need to re-elect their DC plan contributions?
Yes. Any employment separation that occurs in myVRS Navigator, including employees switching between state agencies, will result in Voya Financial changing the employee's contribution election to zero, including a separation entered in myVRS Navigator in error. The employee will receive a deferral change confirmation from Voya showing the change to 0%.
If an employee believes the change to 0% occurred in error, they should make a new election and contact their employer to report the error. Employers may contact dcplans@varetire.org to report a voluntary election discrepancy.
Hybrid Retirement Plan members will need to re-elect their voluntary contributions. Members who also participate in the Commonwealth of Virginia 457 Deferred Compensation Plan will need to re-elect contributions to that plan.
As part of the onboarding process, counsel employees to log in to their DCP accounts to make sure their voluntary contribution election percentages are correct.
