Stay Ahead of the Curve When Reconciling Snapshots in myVRS Navigator

November 2021
myVRS Navigator Logo and Laptop

At the end of each month, employers complete the VRS contribution confirmation process by generating and confirming their snapshots. Snapshots provide a monthly picture of your current population of employees and include a summary of all the data from employee records.

Before confirming your snapshot, review and reconcile the amounts in myVRS Navigator with the information in your payroll system.

Summary information is included for defined benefit contributions, the Basic Group Life Insurance Program, the Virginia Sickness and Disability Program (VSDP), the Virginia Local Disability Program (VLDP) and the health insurance credit, as applicable.

Defined contribution component amounts are also included on the snapshot. These amounts are for informational purposes and should also be reconciled to your payroll system.

Four tips to help you navigate the process:

An image with a drawing of a woman taking a picture with a camera on the right with text  on the left that reads create the monthly snapshot before the first of the month. Once the snapshot is generated, review the data in the snapshot screen or the snapshot file you downloaded for offline viewing in Excel. An image with a drawing of a sorting funnel and text that reads sort information according to plan and benefit. This will help you more easily identify required payroll adjustments and address any issues that arise during your review. An image with a drawing of a hand moving beeds on an abacus with text that reads remember to reconcile the defined contribution component amounts. Ensure the correct amounts are withheld from employees' paychecks and remitted to MissionSquare Retirement. An image of a drawing of a curvy road with text that reads stay ahead of the curve by generating next month's snapshot and monitoring changes. This helps you stay on top of things that might impact contributions to VRS.

Remember: Contribution payments are due to VRS by the 10th of the following month, so it's important to allow enough time for reconciliation and confirmation ahead of scheduling your payment. If the 10th falls on a weekend or a holiday, the payment is due the next business day.

VRS has resources to help: Refer to the Contribution and Payment Scheduling chapterof the Employer Manual. Also, you can take the Contribution Confirmation and Payment Scheduling e-course in the Commonwealth of Virginia Learning Center.