Simplified Defined Contributions Process Effective July 1, 2024

HR News Simplified Defined Contributions Process Effective July 1, 2024 Effective July 1, 2024, the Virginia Retirement System will simplify the way defined contributions are calculated and paid to the Hybrid Retirement Plan, following a 2022 legislative change. Employers will now manage payroll withholding for defined contributions separately from defined benefits, aligning with the normal…

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