The VBREA received the below information from the city's payroll office. The two below documents further detail what is offered below. For even more details, visit the Consolidated Benefits Office link given above.
The Virginia Beach City Council approved changing the City's current deferred compensation provider from Empower Retirement Services VB 457 Plan to VRS's Commonwealth of Virginia (COV) 457 Deferred Compensation Plan. This change will become effective in June 2018 (a specific date will be communicated soon).
For the COV 457 Plan, VRS contracts with a third-party record keeper, currently ICMA-RC. A record keeper handles the day-to-day operations of the plan such as the money, call center, education, statements, etc. VRS oversees all of this. At the end of 2017, VRS was managing defined contribution assets of over $4 billion compared to the City's $280 million.
If you currently have money in the City's deferred compensation plan (VB 457 Plan):
There's nothing you need to do at this time.
You will receive more details from VRS and ICMA-RC about the transition from Empower to VRS. which will be mailed to your home address sometime around April 2018.
All VB 457 deferred compensation accounts will be moved to the new COV 457 Plan using "like-fund mapping."
This means the city automatically move the funds in your current account (map them) to investments most like what you have now (see attached).
Once your funds are moved (mapped), you'll receive a confirmation letter that your account has been transferred, along with your balance; you can then make any changes in fund selection that you desire.
Knowledgeable, helpful ICMA-RC representatives will be on-site for a period of time before and after the transition occurs. Specific dates, times and locations, along with a new custom website for the transition, will be provided via mail (to your home address) in April 2018.
Reminder: The retirement (pension) plan that the City provides to you is also managed by the Virginia Retirement System (VRS). This is the money the City sets aside for your retirement, in addition to the 5 percent you contribute toward it (Hybrid can contribute up to 9 percent). The change does not impact this part of your retirement. The City's retirement (pension) plan is totally separate from our deferred compensation plan, which is a voluntary plan that allows you to supplement your retirement savings.
As Forest Gump’s momma always said, “Life is like a box of chocolates. You never know what you’re going to get.” Every day is a new experience…something you really don’t know what it will be like until you actually live it. Give each day a better chance of success by selecting a healthy snack. Healthy eating isn’t all about calorie counting. Nutritious foods are key, but sometimes it’s nice to know you can grab a quick snack that doesn't deliver an entire meal's worth of calories.
A favorite, family-friendly snack for dietitian and Real Mom Nutrition blogger Sally Kuzemchak is popcorn—a surprising source of fiber and antioxidants. Among her favorite toppings: garlic, parmesan cheese, and sugar/salt.
DIY kettle corn can eliminate some of the artificial chemicals from processed versions. Greatist recommends tossing 1 teaspoon of cinnamon and 1 teaspoon of Stevia with 2 cups of freshly popped popcorn. Shake in a paper bag for even distribution. (You can swap the Stevia for 1 teaspoon of honey plus 1 teaspoon of water, microwaved for 20 seconds to thin it out.) Arrange apricots, walnuts and cheese on a small plate, or in a sealable container to take on-the-go. Here’s a recipe from NeighborFood that is a healthier spin on the traditional mix. Requiring only a handful of ingredients, there’s no reason not to whip up your own mix at home...it will stay fresh for several weeks; you can simply keep supplementing your stash. This recipe doesn’t enlist M&M’s for your sweet kick, but it does involve chocolate chips and even brings banana chips into the mix.
1 cup raw almonds
1 cup cashews, salted or unsalted
1 cup banana chips
1 cup oyster crackers
¾ cup dried cranberries
¼ to ⅓ cup dark chocolate chips
Directions: Stir together all ingredients in a large bowl until everything is evenly distributed. Store in an airtight container — the mix will stay fresh for several weeks.