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 4% voluntary contribution and then will receive the full employer matching contribution of 2.5%.
The quarterly deadlines are:
- March 15
- June 15
- September 15
- December 15
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:
- It is always a good practice to log in to Account Access to review and increase your contributions each year.
- Use the paycheck calculator to visualize the impact of saving on your paychecks.
- Contact a DC Plans Specialist if you have questions about your savings strategy.
- Check out this Savings Toolkit video on the Hybrid Plan Learning Channel.
- 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.
- 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.
- 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 & 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.