Deferred Compensation Plan (State and participating local government agencies)
Description of Benefit
Voluntary tax-deferred savings plan available to state employees and eligible employees of participating political subdivisions.
Eligibility for Benefit
Contributions cease while members are on leave without pay for active duty military service. Members receiving a paycheck while on active duty, may continue to make contributions to DCP.
Benefits upon Return to VRS Employment
Participants who meet the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994 (USERRA) may make up contributions they missed during the period of service.
Employer Reporting Requirements
Employer receives the Payroll Authorization form from participant. Employer cosigns the Application for Uniformed Services Leave Make-up. Employer submits the make-up contributions along with the current contributions for each pay period.