VRS Hybrid 457 Plan
Detailed Plan Information for the VRS Hybrid 457 Deferred Compensation Plan
VRS Hybrid Members: Automatic Increase Beginning Jan. 1, 2020VRS Hybrid 457 Voluntary Contributions to increase in January 1, 2020, unless you opt out by 4 p.m. on December 16, 2019. Learn more about the auto-escalation process and how it might affect your VRS Hybrid 457 Plan by visiting the FCPS VRS Hybrid 457 Auto-escalation website.
VRS Hybrid 457 Deferred Compensation Plan
The VRS Hybrid Retirement Plan combines the features of a retirement pension plan (defined benefit plan) and a supplemental retirement savings plan (defined contribution plan). The plan will apply to most members hired on or after January 1, 2014. Other plans may apply for new hires with previous VRS service or those hired before January 1, 2014. Click here to learn more about the VRS Hybrid Retirement Plan.
If you are a VRS Hybrid Plan member, you have the additional opportunity to contribute to the Hybrid 457 Deferred Compensation Plan - even if you are already saving under the FCPS 403(b) Plan or the FCPS 457(b) Plan. With this plan, you can receive partial matching contributions to the defined contribution component of your account. The first 1% of voluntary contributions will be matched with a 1% contribution by FCPS. Each additional 0.5% increase by the member (up to a maximum of 4%) will be matched by FCPS with a 0.25% contribution (up to a maximum of 2.5%). View the chart below.
|Employee Voluntary Contributions: Hybrid 457||Employer Matching Contributions: Hybrid 401(a)|
Note: Members can elect a voluntary contribution between 0.5% and 4%. The maximum employer match is 2.5%.
How to Enroll and/or Make Changes to your Contributions
- Online - Log in to your Hybrid 457 Deferred Compensation account and click My Account, then Contributions. Select the percentage of each paycheck you'd like to set aside in voluntary contributions. You can begin saving up to 4 percent right away!
- Phone - Call Investor Services at 1-877-327-5261; select option 1.
Quarterly Cut-off Dates for Enrolling/Changing Contributions
- Members can make changes to their voluntary contributions each quarter.
- The cut-off date for changes to an account is 4:00 p.m. ET on the 15th of the month prior to the next quarter. (For example, members must request the change by 4:00 p.m. ET on June 15 in order to be effective in the first payroll of July.)
If the 15th is not a business day, the deadline will be 4:00 p.m. ET on the next business day after the 15th.
For More Information
For additional details about the Hybrid Plan, please visit the VRS Hybrid Plan website.
ICMA-RC is the Hybrid 457 third-party administrator for VRS. You can contact ICMA-RC for questions about the defined contribution component at 1-VRS-DC-Plan1 (1-877-327-5261, option 1, and ask to speak with an Investor Services Representative or email InvestorServicesCommonwealthofVA@icmarc.org.