Deferred Compensation Transition

In November 2017, we announced Empower Retirement will be the new provider handling administrative, record-keeping, communication, investment and financial education services for the County of Henrico 457 Deferred Compensation Plan. Now, we are pleased to announce that this transition will be effective March 14, 2018. As you know, Empower will replace the current providers, Voya and ICMA-RC.

Important Dates

Date Event Action
February 5-9, 2018

Transition Meetings.

Note:  The County will allow attendance without using accrued leave. In case of inclement weather, check the County website.

Attend a meeting for additional information.
March 6, 2018 Blackout Period begins. Make any transfers from Voya or ICMA-RC before 4 p.m. Distribution paperwork must be submitted to HR Benefits by Noon if County signature is needed.
March 9, 2018

Bi-weekly Payroll contributions.

March 30 for monthly contributions.

First payroll contribution sent to Empower.
March 14, 2018 Empower begins record-keeping. Voya and ICMA-RC wire all assets to Empower.
March 31, 2018 Final quarterly statements. Voya and ICMA-RC will send your statement with a $0 balance.
April 5, 2018 Blackout Period ends. Plan will re-open for all account activities after close of business.
April 2018 First Empower quarterly statement. Statements will be delivered electronically with your full account balance.

Resources