The Virginia Retirement System (VRS) has training available for those full time employees who are enrolled in one of the mandatory retirement plans, the Hybrid, or are enrolled in the voluntary 457 Deferred Compensation Plan. The VRS Website (www.varetire.org) has numerous learning aids in place to make your educational experience smooth and beneficial. Listed below are some specific links for participants:
Hybrid Retirement Plan:
The Hybrid Retirement Plan Features and Benefits Series provide hybrid plan members with an overview of their plan. The six-part video series includes an introduction to the plan and a description of how contributions and investments are handled, along with an explanation of the benefits available to hybrid plan members and retirement eligibility.
View Features & Benefits Series
457 Deferred Compensation Plan:
The Commonwealth of Virginia 457 Deferred Compensation Plan (a voluntary plan managed by ICMA-RC through VRS) can help you realize your retirement goals. The plan, available through Virginia Western and every state agency, allows you to save for retirement on a tax-deferred basis through convenient payroll deductions. Your contributions and any earnings are tax-deferred.
VRS Defined Contribution Plans Educational Seminars will be starting in February 2015 around the state of Virginia. The meetings are open to employees eligible to participate in the VRS Defined Contribution Plans. Advance registration is requested for all sessions and individual consultations. To register for the meeting(s) please click here.
In addition to the meeting(s) mentioned above, VRS will be conducting live webinars. The webinars cover the following topics:
-Overview for the 457 and Cash Match Plans
-Understanding Your Investment Options
Here is the link to the upcoming live webinars that are currently scheduled through March. Registration is required.
New starting in January 2015, VRS has added a Hybrid Retirement Plan Overview webinar. The webinar will help to explain the difference between the defined contribution and defined benefit components. Here’s the link for registration View DC Opportunities.
2015 IRS Limitations
The limitations for 2015 have increased to $18,000; and for employees 50 years and older, $24,000. Employees may participate in both the 457 and the 403b and max out their contributions in both; however, those employees eligible for a cash match will only receive one cash match to the plan of their choice.
If you have any questions, please contact Denise Schuh at 540-857-7962 or firstname.lastname@example.org.