VRS Hybrid 457 Plan
Learn about the VRS Hybrid 457 Deferred Compensation Plan
VRS Hybrid 457 Deferred Compensation Plan
The VRS Hybrid Retirement Plan combines the features of a retirement pension plan (defined benefit plan) and a supplemental retirement savings plan (defined contribution plan). The plan will apply to most members hired on or after January 1, 2014. Other plans may apply for new hires with previous VRS service or those hired before January 1, 2014.
The VRS Hybrid Plan will apply to you if:
- You were hired or rehired after January 1, 2014, and were not vested as of January 1, 2014.
- You have no previous VRS service credit. (Other plans may apply for new hires with previous VRS service.)
The Hybrid Retirement Plan combines the features of a defined benefit plan and a defined contribution plan. To contribute more to your Hybrid Retirement Plan and receive a partial matching contribution from FCPS, consider enrolling in the VRS Hybrid 457 component of your retirement plan.
If you are a VRS Hybrid Plan member, you have the additional opportunity to contribute to the Hybrid 457 Deferred Compensation Plan - even if you are already saving under the FCPS 403(b) Plan or the FCPS 457(b) Plan. With this plan, you can receive partial matching contributions to the defined contribution component of your account. The first 1% of voluntary contributions will be matched with a 1% contribution by FCPS. Each additional 0.5% increase by the member (up to a maximum of 4%) will be matched by FCPS with a 0.25% contribution (up to a maximum of 2.5%). View the chart below.
| Employee Voluntary Contributions: Hybrid 457 | Employer Matching Contributions: Hybrid 401(a) |
|---|---|
| 0.00% | 0.00% |
| 0.50% | 0.50% |
| 1.00% | 1.00% |
| 1.50% | 1.25% |
| 2.00% | 1.50% |
| 2.50% | 1.75% |
| 3.00% | 2.00% |
| 3.50% | 2.25% |
| 4.00% | 2.50% |
Note: Members can elect a voluntary contribution between 0.5% and 4%. The maximum employer match is 2.5%.
How to Enroll and/or Make Changes to your Contributions
- Online - Log in to your Hybrid 457 Deferred Compensation account and click My Account, then Contributions. Select the percentage of each paycheck you'd like to set aside in voluntary contributions. You can begin saving up to 4 percent right away!
- Phone - Call Investor Services at 1-877-327-5261; select option 1.
Cut-off Dates for Enrolling/Changing Contributions
Effective January 2025, members can make changes to their voluntary contributions each month. The cut-off date for changes to an account is 4:00 p.m. ET on the last business day of the month. Elective deferral contributions will begin the first day of the following month or as soon as administratively possible.
For More Information
For additional details about the Hybrid Plan, please visit the VRS Hybrid Plan website.
Effective January 2025, Voya is the Hybrid 457 third-party administrator for VRS. You can contact Voya for questions about the defined contribution component at 1-VRS-DC-Plan1 (1-877-327-5261).
Through December 31, 2024, you can continue to contact MissionSquare 1-VRS-DC-Plan1 (1-877-327-5261) option 1 for questions about your defined contribution plan with VRS.
