Helping new members understand the basics can set them up for long-term success.
Point employees to the VRS Member Guide, a quick-reference resource that explains VRS benefits, outlines important action items for new employees and connects members with additional information about their retirement plan and other benefits.
As you counsel new Hybrid Retirement Plan employees, be sure to cover these three tips:
1. Be Aware of Both Accounts
The hybrid plan includes a defined benefit (pension) component and a defined contribution component (similar to a 401(k) account). Members will need to establish both their myVRS and DCP accounts. Through these accounts, they can view their retirement benefits, manage contributions and access planning tools and resources.
Once employees have access to their accounts, it’s important for them to:
- Name beneficiaries for both plan components.
- Set up voluntary contributions through their DCP account.
- Add or confirm contact information, such as a personal email address and phone number, in both accounts.
2. Don’t Miss the Match
Hybrid plan members who make tax-deferred voluntary contributions are eligible for employer-matching contributions. If they contribute the maximum 4%, they will receive the full 2.5% employer match.
The earlier members invest, the more those investment earnings compound over time and the more savings they’ll have for future goals.
3. Learn More About the Plan in a Few Clicks
On the Hybrid Learning Channel, members can watch short videos on topics that matter most, such as benefits they’ll receive in retirement and the steps they can take to get ready.
Find detailed information and resources, such as the plan handbook, on the hybrid plan webpage.
