Retirement Benefit Announcements

Employee contributions to VRS 457(b) Hybrid Plan increase in January 2023

VRS Hybrid Retirement Plan members will soon see an automatic increase in their voluntary contributions to the VRS Hybrid 457(b) unless they opt out.

The VRS Hybrid Plan encourages members to maximize their retirement savings by automatically increasing their contributions to the VRS Hybrid 457(b) Plan by 0.5% every three years. Keeping with this timeline, the next automatic increase, or auto-escalation, will occur on January 1, 2023.

Increase your voluntary contributions to the VRS 457(b) Hybrid Plan and save more!

Now is a great opportunity for VRS Hybrid Plan members to review their contributions to the Hybrid 457(b) plan. Enrolling in (or increasing your contributions to) this plan provides you with a matching contribution from FCPS and increased savings for retirement. Hybrid members can direct up to 4% of their pay to the VRS Hybrid 457(b) Plan. The FCPS matching contribution is pro-rated based on the amount you contribute. See chart below for the schedule of matching contributions.

The contribution increase applies to VRS Hybrid members who were employed on or before August 1, 2022, and who are contributing less than 4%. Participants who wish to opt out of this automatic increase must do so by December 15, 2022. Hybrid members will soon receive a communication from VRS about the automatic increase. While you may elect to opt out, you will also lose increased matching contributions, which may lower your savings at retirement.

Most full-time, instructional/school-based employees hired after January 1, 2014, are members of the VRS Hybrid Retirement Plan.

VRS Hybrid members can verify their enrollment in the Hybrid 457(b) Plan and contribution levels by looking at the Deductions section of their pay advice (look for the deduction titled “VRS457”).

For more information on your VRS Hybrid Retirement Plan and the advantages of saving through voluntary contributions, visit http://www.varetirement.org/hybrid.html

Save More for Retirement!

While VRS Hybrid members can increase their retirement savings through the Hybrid 457 plan, employees also have access to retirement savings plans through the FCPS 403(b) and 457(b) deferred compensation program.

All Fairfax County Public Schools employees (contracted and temporary hourly) are eligible to participate in the FCPS 403(b) plan. For more information, visit the Supplemental Retirement Plans website (Go to www.fcps.edu, search keyword “retirement”).

Special Enrollment Period for FCERS Optional Life

Earlier this year, FCPS announced MetLife as the new carrier for group term life insurance for employees covered by the Fairfax County Employees Retirement System (FCERS). During Open Enrollment, employees covered under the FCERS pension plan and who have less than 2x salary in optional life insurance may apply to increase coverage. Employees may increase coverage by one level (no optional coverage to 1x salary optional coverage, or 1x salary to 2x salary) without supplying proof of good health. You can also apply for limited coverage for your spouse or dependent child(ren) (proof of good health may be required). Optional life insurance is in addition to the basic life benefit provided by FCPS. Employees pay the cost for optional coverage; premiums are based on age.

You can apply for FCERS optional life insurance or spouse/dependent life insurance at https://metlife.com/mybenefits by Nov. 18. Select “Fairfax County Public Schools” for the Employer name, then follow the prompts to register.

Make Sure Your Beneficiaries are Up to Date!

When major life events occur, such as marriage, birth/adoption of children, or divorce, you should consider reviewing your beneficiary designations. You may have different beneficiaries for your life insurance, retirement, and deferred compensation benefits. Regardless of which retirement plan you are in, you are now able to review and update your beneficiaries entirely online!

Expanded Options for VRS Optional Life Insurance

Members of the Virginia Retirement System (VRS) can now choose from eight (8) different levels of coverage for optional life insurance. If you elect optional group life insurance coverage, you also may cover your spouse and dependent children. The new options are shown below.

Optional life insurance is in addition to your VRS basic life insurance benefit of two times your annual salary.

Special Enrollment Period for VRS Optional Life

Securian Financial, the insurer for VRS life insurance, is offering a one-time opportunity to enhance your life insurance protection. This special enrollment period will end on Nov. 30, 2022.

You can apply for VRS optional group life insurance or increase existing coverage through your myVRS account (visit https://myvrs.varetire.org/login). Contact VRS at 1-888-827-3847, Option 3, for assistance with your myVRS account. For benefit and coverage questions, please contact Securian at 1-800-441-2258. Please refer to the FCPS Life Insurance website (www.fcps.edu, search “life insurance”) for more information.

Be sure to visit the FCPS Life Insurance website (www.fcps.edu, search “life insurance”) if you want more information about your life insurance benefits, options for increasing coverage, and instructions on how to review and update your beneficiaries.