Hybrid Retirement Plan Auto-Escalation begins this fall
From: Human Resources
Commonwealth of Virginia legislation established the VRS Hybrid Retirement Plan with an auto-escalation provision that occurs every three years.
Auto-escalation helps Hybrid Retirement Plan employees save more for retirement by increasing the amount they contribute to the Hybrid 457 Deferred Compensation Plan.
In January 2023, eligible employees’ voluntary contributions to their Hybrid 457 Plan accounts will automatically increase by 0.5 percent, unless they opt out. The opt out period is Sept. 16 through Dec. 15, 2022. In order to opt out of the auto escalation, contact the VRS DC Plan at 877-327-5261.