Employees don’t have to make a large contribution increase to start on the path of saving more for retirement. SmartStep lets participants in the Hybrid Retirement Plan and Commonwealth of Virginia 457 Plan schedule automatic increases over time at their own pace.
How It Works
Employees can use SmartStep to gradually increase their pretax contributions toward their savings goals.
- Hybrid Retirement Plan members can make voluntary contributions of up to 4% of creditable compensation.
- Commonwealth of Virginia 457 Plan participants can contribute up to the annual IRS contribution limit.
Employees remain in control of their elections and can make monthly changes in contribution amounts as needed.
Help Take the First Step
Use the SmartStep flyer to help employees learn about the feature and how it can help them reach their savings goals at a pace that is comfortable for them.
Employees can set up SmartStep by logging in to their DCP Account, selecting their hybrid plan or Commonwealth of Virginia 457 Plan account and choosing Contributions & Savings, then Manage Contributions. From there, they can choose their desired contribution increase and schedule.
