Navigator
Your Guide to Staying on Top of Fiscal Year-End Tasks
Employers have several important year-end tasks to perform and monitor as the 2021 fiscal year draws to a close. VRS appreciates your partnership in ensuring a smooth transition to the new fiscal year. To get started, here’s a refresher on processes and deadlines.
Confirm June snapshot no later than Monday, July 12: Security Administrators or the Snapshot Processor 2 should confirm all snapshots through June 2021 in myVRS Navigator no later than 4 p.m., Monday, July 12. If submitting contributions by ACH debit, employers will need to schedule payments at least three business days before July 12.
Completing this task on time ensures that employees' information is correct as VRS prepares for fiscal year-end activities, such as adding interest to member accounts and creating the annual Member Benefit Profiles.
If possible, please confirm June snapshots and schedule payments before the end of June.
Refer to the Contribution Confirmation and Payment Scheduling chapterin the VRS Employer Manual.
Look ahead to your July snapshot: After confirming your June snapshot, you can submit enrollments and maintenance changes, upload files, process prior service, generate snapshots and complete all other routine processing for July. However, you cannot confirm the July snapshot until VRS completes year-end processing. You will see a message on the myVRS Navigator dashboard alerting you when you may confirm your July snapshot. For reporting purposes in myVRS Navigator, July 1 is the first business day of the new fiscal year.
Check out the fiscal year-end reminders webpage: The Fiscal Year-End Reminders webpage on the VRS employers’ website provides detailed information on fiscal year-end tasks that are performed in myVRS Navigator during the summer months. The page organizes the reminders based on the month in which employers must take certain actions.
Hit Ctrl + D to bookmark the page and refer to it for information and resources that will assist with financial reporting related to VRS-administered benefit plans.
