Spring Has Sprung: Time for a ‘Retirement Checkup’
As we welcome the fresh air and new beginnings that come with spring, it’s also the perfect time to give your retirement plans a seasonal checkup! If nothing else, it’s a great opportunity to check your beneficiaries and make any necessary updates if needed, ensuring your plans are in order.
Resources to Help You Stay on Track
Henrico County’s 457(b) Deferred Compensation Plan with Empower
- What is market volatility?
- Check out the Empower – Learning Center for resources and tools on a variety of financial topics.
- Schedule an individual virtual appointment with Chip Richardson, Empower Retirement Plan Advisor, to discuss your Empower 457(b) deferred compensation account or review your plan options.
Virginia Retirement System – Hybrid Defined Contribution Plans with Voya
- Focus Newsletter – April 2025
- Be Ready Team – Voya Financial Planning Services
- Check out the Hybrid Learning Channel to get better acquainted with the defined benefit and defined contribution components of the Hybrid Retirement Plan.
- Henrico County Virtual Appointment Day – June 10, 2025
- Schedule an individual virtual appointment with Steve McGregor, VRS DC Plans Education Specialist, to discuss your account or review your defined contribution plans options. June 10th will be dedicated to Henrico County employees.
- Employees can always schedule an individual appointment at any time that is convenient, utilizing Steve’s scheduling site at https://stevemcgregor-dcp.timetap.com/.
- Coming Soon: On-site Hybrid education seminars at the Henrico Training Center in August and November. Individual meetings will be available after the seminar.
Naming a Beneficiary
VRS Defined Benefit Plans (Pension – Plan 1, Plan 2, and Hybrid Plan Members)
- Register or log in to your myVRS account to name or update beneficiaries for your defined benefit member contributions and VRS Group Life and Optional Life Insurance.
VRS Defined Contribution Plans (Hybrid Plan Members Only)
- Log in to your DCP Account at dcp.varetire.org/login and select Personal Information > Beneficiary Information.
- Note: VRS Hybrid Plan Members must complete two beneficiary designations: one for the defined benefit component and one for the defined contribution component of their plan.
Empower – 457(b) Deferred Compensation Plan
- To designate or update beneficiaries for your Empower retirement account online, log in to your account at participant.empower-retirement.com, navigate to the “Beneficiaries” section, and follow the prompts to add, edit, or remove beneficiaries.
Planning for retirement can feel overwhelming, but the right resources can make all the difference. Whether you’re just getting started or reviewing your current plan, it’s never too early—or too late—to take steps toward a more secure financial future.
