Employer Update

Changes to VRS' policy on defined contribution correctionsto Hybrid Retirement Plan members' accounts became effective August 1.

Be sure to read the July Employer Update for full details on the changes.

Corrections to the Hybrid 401(a) Cash Match Plan and the Hybrid 457 Deferred Compensation Plan will follow the new corrections policy for all Request for Adjustment Reviewforms received on or after August 1.

Avoid corrections: Reconcile your snapshot before finalizing each payroll to ensure you're withholding the correct amount from each member's paycheck. Comparing the snapshot download file to the payroll system results early in the month may identify required payroll adjustments and allow corrective action to be taken before the last payroll of the month is processed.