VRS Hybrid Retirement Plan Features and Benefits. Version 02/15

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1 VRS Hybrid Retirement Plan Features and Benefits Version 02/15

2 Introductions Virginia Retirement System & ICMA-RC 2

3 Today s Agenda Learn About Your Plan Your Investment Options Benefit Payments & Distribution Options Other Things to Consider Accessing Your Account & Resources 3

4 Learn About Your Plan 4

5 Who s eligible? New members with no previous VRS service credit and a membership date on or after January 1, 2014: Eligible Members Ineligible Members State employees School division employees Political subdivision employees Judges appointed or elected to an original term New members who are eligible for ORP must elect ORP or Hybrid State Police Officers Retirement System (SPORS) members Virginia Law Officers Retirement System (VaLORS) members Political subdivision members who are covered by enhanced benefits for hazardous duty employees 5

6 What is the Hybrid Retirement Plan? Combines the features of a defined contribution plan and a defined benefit program: Defined Benefit (DB) Provides the foundation of your future retirement Pays a monthly retirement benefit VRS manages the investments and related risk for this component Defined Contribution (DC) Provides a tax-deferred savings plan Pays a retirement benefit based on contributions to the plan and the investment performance of those contributions You manage the investments and related risk for this component 6

7 Contributions Hybrid members make two types of contributions to the hybrid plan: mandatory contributions, which all members are required to make; and additional voluntary contributions that you may choose to make. 7

8 Contributions Employee Employer Administrator/ Record Keeper DB Mandatory Contribution 4% Total Employer Rate (less employer DC contributions) VRS DC Mandatory Contribution 1% 1% ICMA-RC DC Voluntary Contribution and Match Up to 4% additional contribution 100% match for your first 1% + 50% match on any additional voluntary contributions ICMA-RC 8

9 Defined Contribution Component The defined contribution component includes two plans: Hybrid 401(a) Cash Match Plan You contribute a mandatory 1% of your creditable compensation each month to your 401(a) account Your employer contributes a mandatory 1%, plus matching contributions on any voluntary contributions you make into the Hybrid 457 Deferred Compensation plan Hybrid 457 Deferred Compensation Plan Accumulate additional voluntary contributions on a tax-deferred basis Maximum amount for voluntary contributions is 4% Your employer must match the first 1% of your voluntary contribution with a corresponding contribution of 1% of your creditable compensation Each of your additional 0.5% increases will be matched by your employer with a 0.25% contribution Maximum amount for match is 2.5% 9

10 How Much Can I Contribute? * Voluntary contributions can be changed on a quarterly basis 10

11 Benefits of Making Voluntary Contributions to Your Hybrid Account For illustrative purposes only and based on a monthly income of $3,000; assumes bi-monthly employee contribution made on 15th and 30th of each month and a 6 percent average annual return after 30 years. The final account balance does not account for plan fees or expenses, which would reflect lower net returns. Investment return and principal value will fluctuate, so when shares are redeemed they may be worth more or less than the original cost. 11

12 Benefits of Increasing Contributions to the Hybrid For illustrative purposes only and based on a monthly income of $3,000; assumes bimonthly employee contribution made on 15th and 30th of each month and a 6 percent average annual return after 30 years. The final account balance does not account for plan fees or expenses, which would reflect lower net returns. Investment return and principal value will fluctuate, so when shares are redeemed they may be worth more or less than the original cost. 12

13 Why Should You Save? You might need 70-90% of your working income for each year in retirement.* Once you reach 65, there s a 25% chance you or your spouse will live until age 96.** Retirement income from Social Security depends on salary during working years 2012 average annual benefit about $14,760 Income from VRS pension benefit depends on salary, age and years of service *Source: Aon Consulting s 2008 Replacement Ratio Study: A Measurement Tool for Retirement Planning. **Source: Annuity 2000 Mortality Tables Transactions, Society of Actuaries, Reports. 13

14 Personal Savings Role in Retirement 14

15 Starting Early vs. the Cost of Waiting 15

16 Benefits of Tax-Deferred Savings Before Tax After Tax Annual Pay $30,000 $30,000 Before Tax Contribution Income Subject to Taxes - 1,800 N/A 28,200 30,000 Federal Taxes* - 7,050-7,500 Net Income 21,150 22,500 After - Tax Contribution N/A - 1,800 Spendable Income $21,150 $20,700 *Assumes a flat 25% tax bracket without the standard deduction. Taxes due upon withdrawal. 16

17 Rollovers Incoming rollovers are allowed into the Hybrid 457 Deferred Compensation Plan You can rollover from the following plan types: 401(a) plans other than the Hybrid 401(a) Cash Match Plan 401(k) plans 457(b) plans 403(b) plans Federal Thrift Savings Plan Traditional Individual Retirement Account (IRA) Incoming rollovers are not permitted into the Hybrid 401(a) Cash Match Plan Note: Employee must otherwise be eligible for a distribution from the plan they are requesting the rollover out of. *If you rolled funds from another retirement plan into your Hybrid 457 Deferred Compensation Account, you may withdraw those funds while you are still employed. Depending on the plan type, withdrawals made prior to age 59½ may be subject to a 10% penalty, plus state and federal income tax withholding. 17

18 Additional Savings Opportunities Your employer may also offer a supplemental plan, such as a 457 or 403(b) You must make the maximum 4% voluntary contribution to the defined contribution component of the Hybrid Retirement Plan prior to receiving an employer match on your contributions to the supplemental plan 18

19 Your Investment Options 19

20 Asset Classes Cash Equivalents and Stable Value Investments Short-term, highly liquid securities that pay interest Seek to preserve the value of your investment Returns are generally low and may not outpace inflation Bonds Loans to an organization in exchange for interest payments May offset higher risk of stocks in aggressive investment portfolio May help keep pace with inflation in conservative investment portfolio Stocks Shares of ownership in a company Highest potential for growth Higher degree of risk 20

21 Investment Paths Investment options organized into three pathways Designed to make it easier for you to implement your investment decisions Mix and match investment options within each path Help you meet your objectives, risk tolerance and overall investing style Do-It-For-Me Path Help-Me-Do-It Path Do-It-Myself Path 21

22 Do-It-For-Me Path Includes target-date funds for participants who would like a portfolio that's already diversified. Select funds based on your projected retirement date and individual needs. Retirement Portfolio Target Date 2020 Portfolio Target Date 2025 Portfolio Target Date 2030 Portfolio Target Date 2035 Portfolio Target Date 2040 Portfolio Target Date 2045 Portfolio Target Date 2050 Portfolio Target Date 2055 Portfolio Target Date 2060 Portfolio 22

23 Help-Me-Do-It Path Offers a carefully selected menu of funds for those who prefer to take a slightly more active role in investing. Money Market Fund Stable Value Fund Bond Fund Inflation-Protected Bond Fund High-Yield Bond Fund Stock Fund Small/Mid-Cap Stock Fund International Stock Fund Emerging Markets Stock Fund Global Real Estate Fund Virginia Retirement System Investment Portfolio 23

24 Do-It-Myself Path Features a self-directed brokerage account for those who wish to manage investments without assistance. Allows you to select from thousands of publicly-traded mutual funds, exchange traded funds (ETFs) and individual securities, in addition to your Plans core investment options. The SDBA is for knowledgeable investors who acknowledge and understand the risks and costs associated with the investments contained in the SDBA. When transferring assets to your brokerage account, you are required to leave at least $2,500 in your core investments other than the Virginia Retirement System Investment Portfolio. Self-Directed Brokerage Account 24

25 Learn About Your Plan Fee Structure Record Keeping Fees A record keeping fee of $2.54 will be deducted from your account on a monthly basis ($30.50 per year) If you participate in more than one Commonwealth of Virginia plan, only one annual fee of $30.50 will be deducted from your account. Investment Management Fees (Expense Ratios) If you have a balance in more than one Commonwealth of Virginia defined contribution plan Each investment option includes investment management fees (vary by option) Fees can be found in the Investment Option Performance report at 25

26 Benefit Payments and Distribution Options 26

27 Defined Benefit Component You receive a monthly benefit at retirement You must be vested (have five years of creditable service) and meet age and service requirements The benefit is based on a formula: x x Average Final Compensation Retirement multiplier Total years of creditable service Annual benefit amount

28 Defined Benefit Retirement Eligibility Reduced Retirement Unreduced Retirement Age 60 with at least 5 years of service Age + Service Credit = 90 Social Security Normal Retirement Age with 5 years of service

29 Defined Benefit Retirement Options Basic Benefit Survivor Option Partial Lump-sum Option Payment Advance Pension Option

30 Deferred Retirement If you leave your member contributions and interest with VRS and become a deferred member, you will retain your VRS membership and eligibility for any future benefits Vested members may be eligible for a future retirement benefit if you meet age and service requirements

31 Refund Implications If you separate from your employer, you may take a refund of your defined benefit contributions If you take a refund of the defined benefit member contributions: You lose VRS membership You lose eligibility for any future VRS benefits You forfeit any non-vested employer contributions in the defined contribution component 31

32 Defined Contribution Vesting Member Contributions: You are immediately vested in any funds that you contribute to the hybrid plan Employer Contributions: You must be vested to be eligible to take a distribution of employer contributions Defined Contribution Vesting Schedule After 2 years of creditable service 50% After 3 years of creditable service 75% After 4 years of creditable service 100% If you aren t 100% vested when taking a distribution, then you ll forfeit any non-vested employer contributions based on the vesting schedule Taking a distribution from the defined contribution component does not require you to take a refund from the defined benefit component 32

33 Defined Contribution Distribution Options What are my distribution options? Leave money in the plan Full or partial lump sum Periodic payments A partial lump sum distribution combined with periodic payments Purchase an annuity with all or a portion of your account balance Roll over all or a portion of your account balance to another employer s plan or to another qualified plan that accepts rollovers such as a traditional Individual Retirement Account (IRA) Funds become taxable upon distribution from the plan Most options can be changed upon request 33

34 Defined Contribution Distributions Leave money in the plan Upon separation from service, you can take a distribution from your Hybrid 401(a) Cash Match Plan and/or your Hybrid 457 Deferred Compensation Plan In-service distributions are only allowed from rollover assets from the Hybrid 457 Deferred Compensation Plan Hybrid 457 Deferred Compensation Plan No early withdrawal penalty for distributions Hybrid 401(a) Cash Match Plan Withdrawals prior to age 59½ may be subject to the IRS 10 percent penalty tax Other exceptions may apply 34

35 Other Things to Consider 35

36 Purchase of Prior Service Credit As your service increases, your benefit increases

37 Types of Service Active duty military service Federal Service Public service Non-covered service Birth or adoption leave Educational leave No-cost military leave Refunded service Service not reported while receiving WC

38 Cost to Purchase Service Approximate normal cost Actuarial rate 1 year window Beyond 1 year window Exceptions: Refunded service 4% Military leave no cost

39 Purchase Methods Approximate normal cost Actuarial rate 1 year window Beyond 1 year window After-tax payroll deduction, pre-tax salary reduction (if offered) and lump sum Lump sum

40 VSDP Sick leave Family and personal leave Short and long-term disability Return-to-work programs Long-term care

41 VLDP Short and long-term disability Long-term care Return-to-work programs Your employer may offer a comparable plan

42 Transferring Between Employers state state If you move between... state (with no break in service) state (with a break in service) then you have... no new waiting period one year waiting period state school/political subdivision one year waiting period school/political subdivision school/political subdivision one year waiting period 42

43 Long-term Care VSDP and VLDP Long-term Care Plans Commonwealth of Virginia Voluntary Group Long-term Care Insurance Program

44 Basic Life Insurance Natural death benefit Accidental death benefit

45 Optional Life Insurance Coverage is available for yourself, your spouse and dependent children

46 Death in Service Non-Work Related (vested): Monthly benefit or refund Non-Work Related (non-vested): Refund Work Related: Monthly benefit and refund

47 Accessing Your Account and Resources 47

48 Hybrid Retirement Plan Website 48

49 myvrs Log-In

50 myvrs Account Home

51 Hybrid Retirement Plan Website 51

52 Account Access Select Your Plan 52

53 Account Access My Account 53

54 Account Access Investments 54

55 Contact Information VRS Defined Benefit ICMA-RC Defined Contribution Representatives available 8:30 a.m. 5:00 p.m. VRS Retirement Counseling Center: 1111 East Main Street Richmond, VA :30 a.m. 4:00 p.m. 1-VRS-DC-PLAN1 ( ) Select Option 1 Representatives available 8:30 a.m. 9:00 p.m. Virginia Service Center: 919 East Main Street, Suite 1604 Richmond, VA :30 a.m. 5:00 p.m. 55

56 Hybrid Retirement Plan Resources General resources for defined benefit and defined contribution components Hybrid Retirement Plan Website Hybrid Retirement Plan Handbook (click Publications) 56

57 Hybrid Retirement Plan Resources Additional resources for defined benefit and defined contribution components Hybrid Retirement Plan Features and Benefits Video Series (click Education) Live and Recorded Webinars, Videos, Regional Seminars and One-on-One Sessions (click Education) 57

58 Action Plan Maximize voluntary defined contributions in the Hybrid Retirement Plan Consider enrolling in your employer s 457 or 403(b) retirement savings plan(s) Review your investment options periodically Complete beneficiary designations Consider purchasing service, if applicable Consider long-term care insurance Consider your life insurance needs

59 Thank You! We welcome your questions. Thank you! 59

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