HR & Payroll News

Next Hybrid Plan Voluntary Contribution Change Deadline: June 15

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.

📌 The next quarterly deadline is Tuesday, June 15 at 4 p.m.

Members can maximize 4% voluntary contribution and then will receive the full employer matching contribution of 2.5%.

 

How to Make Changes

  • Visit the Hybrid Retirement plan website
  • Select Account Access
  • Log in
  • Select Contributions for the Hybrid 457 Deferred Compensation Plan
  • Click on Change My Contribution Amount or, you can call ICMA-RC Participant Services at 877-327-5261 (option 1).

 

Here are other ways to help you stay on track toward your retirement goal and boost your savings:

  1. It is always a good practice to log in to Account Access to review and increase your contributions each year.
  2. Use the paycheck calculator to visualize the impact of saving on your paychecks.
  3. Contact a DC Plans Specialist if you have questions about your savings strategy.
  4. Check out this Savings Toolkit video on the Hybrid Plan Learning Channel.
  5. Enroll in a Supplemental Retirement Plan offered through Mason and receive more employer cash match.

 

Supplemental Retirement Plan Details

As a Hybrid Plan participant, you can receive an additional employer match if you:

  • Participate in one of the supplemental retirement plans offered through Mason.
  • Contribute the maximum allowable 4% voluntary employee contribution to the Hybrid Retirement Plan to receive the 2.5% match.
  • Adjust your supplemental contributions on a quarterly basis.

Highlights:

  • You can contribute to the supplemental 403(b) and 457 on a pre-tax or post-tax basis.
  • You can invest with Fidelity, TIAA, and ICMA-RC.
  • If you contribute a minimum of $40 per pay period to a supplemental plan, Mason will match your contribution up to $20 per pay period.
    • If you are paid on a biweekly basis, the contribution is $18.46 but the annual amount is the same.

More Information can be found on HR & Payroll’s supplemental retirement planning website.

 

How to Participate

  • Complete and return the 403(b) Salary Reduction Agreement form to participate in the 403(b) plan.
  • Contact ICMA-RC at 1-877-327-5261 to enroll in the 457 plan.
  • The quarterly deadline is June 15, 2021 at 4 p.m.

 

Still have questions?