Deferred Compensation for Hybrid
As a member of the VRS Hybrid Plan, you can contribute up to 4% of your salary into the VRS Hybrid 457 Deferred Compensation Plan. Hybrid Plan members will receive matching employer contributions up to 2.5%. Maximizing contributions to the Hybrid 457 Deferred Compensation Plan will be important to provide a meaningful retirement benefit.
You can also consider contributing to the County’s 457 Deferred Compensation Plan. This would usually be done after you have reached the maximum annual contribution for the Hybrid 457 Deferred Compensation Plan.
VRS Hybrid Plan Member Resources:
New for 2025: VRS has selected Voya Financial® to serve participants* in VRS Defined Contribution Plans (DCP).
Voya will succeed MissionSquare Retirement, whose contract ends in 2024. Voya is a leading health, wealth and investment company that helps its 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. No action is required for participants at this time.
Beginning January 1, 2025, Voya will assume record-keeping responsibilities for these VRS plans:
- Hybrid Retirement Plan (defined contribution component)
- Hybrid Cash Match Plan 401(a)
Please visit dcp.varetire.org/transition for more information about the transition from MissionSquare Retirement to Voya. There is also a page dedicated to frequently asked questions: dcp.varetire.org/transition/faq.html/.
The transfer of Plan records from MissionSquare to Voya will happen automatically. Participants’ existing balances will remain invested, and their contributions will continue to be deducted automatically from their paycheck and invested in their account.
*Participant refers to DCP participants and members of the Hybrid Retirement Plan, which has a defined contribution component.
VRS Hybrid Plan Member Resources:
- VRS Hybrid Retirement Plan Features and Highlights (Coming soon!)
- VRS Hybrid Account Access
- VRS Hybrid Contributions Illustration
- VRS Features & Benefits Series – a six-part video series provides an overview of your Hybrid Retirement Plan
- Defined Contribution Learning Opportunities – contact a defined contribution plan specialist, register for a group seminar or one-on-one consultation, and register for live webinars to learn more about the VRS Hybrid Retirement Plan.
VRS provides local DC Plans Education Specialists who can assist you with plan enrollment, account management, investment education and retirement planning. Whether you are just starting your career, nearing retirement or somewhere in between, you can benefit from the guidance and support of a local DC Plans Education Specialist. Note: DC Plans Education Specialists cannot provide financial, tax, or investment advice.
Voya DC Plans Education Specialist:
Steve McGregor
Education Specialist
612-217-9505
[email protected]
Speak with a Voya customer service associate Monday – Friday from 8 a.m. to 9 p.m., ET., excluding stock market holidays.
Voya Customer Service
877-327-5261
TDD: 800-579-5708
As a member of the VRS Hybrid Plan, you can contribute up to 4% of your salary into the VRS Hybrid 457 Deferred Compensation Plan. Hybrid Plan members will receive matching employer contributions up to 2.5%. Maximizing contributions to the Hybrid 457 Deferred Compensation Plan will be important to provide a meaningful retirement benefit.
You can also consider contributing to the County’s 457 Deferred Compensation Plan. This would usually be done after you have reached the maximum annual contribution for the Hybrid 457 Deferred Compensation Plan.