HR News Important Information Regarding Your Flexible Spending Account (FSA) The current plan year for the FSA plans will end on June 30, 2024. You will have 3-months (until September 30th) to file claims and submit documentation. This 3-month period is known as the runout period. During the runout period…

HR 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 and will…

HR News Attend a Hybrid Retirement Plan Webinar The quarterly Hybrid Plan Features and Benefits virtual presentation will be held on Monday, May 20. MissionSquare Retirement is hosting a series of retirement webinars to review the Hybrid Retirement Plan including features, benefits and investment options, and virtual one-on-one appointments. Hybrid…

Sign Up for VRS Member News Stay updated on the latest announcements from the Virginia Retirement System (VRS). This newsletter is published quarterly and includes information about upcoming deadlines, webinars, and policy changes. Sign up at the VRS website.

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…