Retirement “Auto-Escalate” Feature

Would you like to increase the amount you’re saving for retirement, but never seem to get around to doing so?  Consider using the “auto-escalation” feature on the Voya retirement website to gradually increase your 403(b) contributions over time.

Saving for retirement can feel easier when you make progress in small, manageable steps. Since the Voya Retirement member website features an auto-escalation option, this feature can help you increase your contribution rate automatically over time—without needing to remember to make the change yourself.

How to set up this voluntary auto-escalation preference:

1.    Log in to your account by visiting voyaretirementplans.com

2.    Navigate to “Accounts” and select “EverTrue 403(b) Employee Deferral”

3.    Navigate to “View More Account Actions” > “Contributions & Savings” > “Manage Contributions” > Increase My Contributions”

4.    Scroll down to find the section that says “Rate Escalator: I want to pick up the pace and save more”

5.    Choose the options you prefer (increase amount, timing, and target contribution rate) and that fit your personal savings goals

6.    Review your election information carefully and submit your changes by selecting “Save Contribution Updates”

This is a simple way to keep your savings moving forward!  Whether you are just getting started or already contributing to your 403(b), choosing auto-escalation can be a practical way to build momentum. Even a small annual increase may help you move closer to the retirement lifestyle you envision.

Visit the Voya retirement website today at voyaretirementplans.com to review your current contribution rate and see if auto-escalation is right for you.

For more information on your EverTrue retirement benefits, visit www.evertruebenefits.org/retirement.  If you have questions, please contact your local HR Manager.