HR & Payroll News Next Hybrid Plan Voluntary Contribution Change Deadline Hybrid Retirement Plan members can adjust their voluntary contribution elections on a quarterly basis – contributing up to 4% of their creditable compensation each month – to help meet their savings goals. Members can maximize a 4% voluntary contribution…

IRS Increases Deferred Compensation Contribution Limits The Internal Revenue Service has increased the maximum dollar amount you may contribute in 2023 to tax-deferred savings plans, such as the Commonwealth of Virginia 457 Deferred Compensation Plan. The annual deferral limit for 457 plans for participants younger than age 50 has increased to…