Even though employees may choose to defer part of their compensation to a 403(b) or 457(b) account at any time throughout the year, open enrollment is a great time to evaluate your current financial needs and consider opening a deferred compensation account.
These accounts are meant to supplement (not replace) employees’ Virginia Retirement System (VRS) savings; VRS Hybrid plan members/employees should ensure they are maximizing their voluntary contributions to the defined contribution component of their plan prior to making contributions to a 403(b) or 457(b) account.
Please note that not all of the providers offer the same investment vehicle options (annuities, index funds, etc.) and we encourage employees to meet with multiple providers to see which best fits their long-term financial goals.