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 then receive the full employer matching contribution of 2.5%. 

 

The quarterly deadlines are: 

  • March 15 (4 p.m.)
  • June 15 (4 p.m.)
  • September 15 (4 p.m.)
  • December 15 (4 p.m.)

 

How to Make Changes

  1. Visit the Hybrid Retirement plan website.
  2. Select "Account Access" and log in.
  3. Select "Contributions for the Hybrid 457 Deferred Compensation Plan #307059."
  4. Click on "Change My Contribution Amount."

 

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

  1. It is always 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 Highlights 

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. 

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 Mission Square. 
    • 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. 
    • If you are paid over nine months, the contribution is 26.66, but the annual amount is the same. 

  More information can be found on HR’s supplemental retirement planning page. 

 

How to Participate 

  • Complete and return the 403b Salary Reduction Agreement form to participate in the 403(b) Supplemental plan. 
  • Contact Mission Square Participant Services (877-327-5261), then select option 1 to enroll in the 457 Supplemental Retirement plan. 

 

Still Have Questions?