Reduce administrative work while giving employees another way to save for retirement by adopting the Commonwealth of Virginia 457 Deferred Compensation Plan.
Check out six reasons to adopt the plan, which is administered by VRS and record-kept by Voya Financial.
Already Have a 457?
Employers with an existing 457 plan may choose to adopt the Commonwealth of Virginia 457 Plan and transfer assets from their existing plan. Employees can then manage all of their VRS defined contribution plans through one online account and pay one annual administrative fee, even if they participate in multiple plans.
VRS and Voya will work with your outgoing record keeper to help facilitate the transition.
How to Adopt
Your governing body must pass a resolution to adopt the plan. Once the resolution is approved:
- Your organization generally can begin participating within 60 to 90 days.
- Transitioning an existing 457 plan takes a bit more time, generally 90 to 120 days.
For more information, contact your Employer Relationship Manager.
VRS data shows that participation rates are higher when employers offer both the 457 and Cash Match plans. If you previously adopted the Commonwealth of Virginia 457 Plan, consider pairing it with the Virginia 401(a) Cash Match Plan to give eligible employees an added incentive to save for retirement.
