VRS Hybrid Members: Take Advantage of Matching Retirement Contributions!
Enroll and/or Make Changes to Voluntary Retirement Contributions
Preset your VRS Hybrid Contributions!As a newly-hired VRS Hybrid Retirement Plan member, take time now to elect your voluntary contribution to the Hybrid 457 Deferred Compensation Plan by presetting your contributions on the VRS Hybrid website. When FCPS sets up your VRS account, your voluntary contributions will start the following quarter.
Most instructional/school-based staff hired after January 1, 2014 are members of the VRS Hybrid Retirement Plan. Hybrid members are given the opportunity to receive partial matching contributions to the defined contribution component of their retirement account. The first 1% of voluntary contributions will be matched with a 1% contribution by FCPS. Each additional 0.5% member contribution will be matched by FCPS with a 0.25% contribution. The maximum matching contribution is 2.5%.
ICMA-RC is VRS’ administrator for the defined contribution component of the Hybrid plan. To enroll or make changes to voluntary contributions, employees can contact ICMA-RC by:
- Phone – Call Investor Services at 1-877-327-5261; select option 1.
- Online – Go to http://www.varetirement.org/hybrid.html and log into or register for your Defined Contribution Account.
For more information, members can review the illustrative VRS Hybrid Retirement Plan Features & Highlights Brochure (which includes a detailed contribution table) available at: http://www.varetirement.org/hybrid/publications.html.
All employees, regardless of status or retirement system, have an opportunity to increase retirement savings through the FCPS 403b plan. Contracted staff may also contribute additional savings through the 457b plan. When contributing to these retirement savings plans, taxes are deferred on both contributions and earnings, allowing you to pay less in taxes now!
For more information about the FCPS retirement savings plans, visit the Retirement Benefits website.