Enhanced retirement program

Employees can contribute to more than one retirement plan but must comply with IRS and company regulations that specify maximum contributions allowable to retirement plans. Enhanced Retirement Plans will enforce combined contribution limits across all employer-provided retirement plans. This allows eligible employees to make additional contributions above the regular limit once they meet the age criteria, without you having to set up a unique benefit code or changing deduction information.

Set employer contribution maximums: employer contribution maximums can be set across multiple retirement plans by their amount or percentage. View More Knowledge Base Posts. Enhanced Retirement Plans Automate and enforce the relationship between employee contributions and company matches across retirement plans. The same is true for calculating tiered match to multiple k calculations….

Watch our Enhanced Retirement Plans Feature in Action Automate and enforce the relationship between employee contributions and company matches across retirement plans in Microsoft Dynamics GP. See how much you can save with our ROI Calculator. Employees in both k and Roth k Plans Hours spent checking contribution report each pay period Percentage of employees that might exceed contribution limits Employer fine if contribution limits are exceeded Hours spent addressing situation if employee exceeds Hourly rate of resource managing payroll Cost per pay period Number of pay periods per year Cost of Monitoring Contribution Limits Cost of Error if Limits are Exceeded.

Get a quote. Fact Sheet. User Guide. What is an additional feature for Enhanced Retirement Plans? This website uses cookies to improve your experience. You cannot defer your retirement or retire on disability with an enhanced retirement. If you are eligible for an unreduced retirement benefit and choose to receive an enhanced retirement, you are eligible for additional service credit only.

No credits will be applied to your age. You are eligible for a COLA effective July 1 following one full calendar year January 1 to December 31 from the effective date of your disability retirement. Read more about the COLA.

Some basic group life insurance benefits continue into retirement if you retire under the program and are covered under the VRS Group Life Insurance Program. You also may be eligible to continue some or all of your optional life insurance coverage, as applicable. Read more about Insurance in Retirement. If you retire with the enhanced retirement benefit and return to covered employment with any VRS-participating employer in any capacity, you will forfeit the enhanced retirement credit when you retire again.

Considerations when you move, retire, leave your job, have a family change or return to work. VRS delivers retirement and other benefits to Virginia public employees through sound financial stewardship and superior customer service.