In five easy steps, discover how to administer the Hybrid Retirement Plan and educate members on the importance of saving for retirement
1. Update myVRS Navigator and Direct Members to Their Online Accounts
Enroll new hires in myVRS Navigator and keep employee data current.
- Enroll and Maintain Employees. (VRS Employer Manual)
- Understanding myVRS Navigator’s Calculations and Business Rules
Communicate to employees the importance of registering and claiming their online accounts through myVRS and Account Access.
2. Instruct Employees to Designate a Beneficiary
Emphasize the importance of designating beneficiaries for both the defined benefit and defined contribution components of the Hybrid Retirement Plan. Beneficiaries must be designated separately for both components. See Designating a Beneficiary for more information.
3. Help Employees Discover Ways to Save for Their Future
Start your new members on the right path to saving more for their retirement by using the Voluntary Contributions Toolkit.
4. Take Advantage of Member Counseling Resources
Use the following member resources to help orient new hires and to educate and counsel Hybrid Retirement Plan members:
5. Educate Your Members
- Contact MissionSquare Retirement to schedule a meeting with a DC Plans Specialist to help your employees learn more about the defined contribution component of the Hybrid Retirement Plan.
- Contact VRS Hybrid Benefit Plan Support to help your employees learn more about the defined benefit component of the Hybrid Retirement Plan and related benefits such as group life insurance and health insurance credit.