Employer Update

Form updates: Based on recent federal tax law changes, VRS will make updated versions of the following forms available online later this month:

• Request for Refund (VRS-3)
• Request for Tax Withholding (VRS-15)
• Application for Service Retirement (VRS-5)

The changes for income tax withholding include new federal filing status selections and a new withholding determination using dollar amounts rather than the former model using the number of exemptions. A change for lumpsum distributions allows a person to choose to have more than 20% in federal taxes withheld from the taxable portion of a lumpsum payment being paid directly to the person.

GASB data coming soon for annual financial reports: VRS is preparing the information necessary for VRS-participating employers to comply with the provisions of Governmental Accounting Standards Board (GASB) Statements No. 68 and No. 75 as part of your financial reporting for the fiscal year that ended June 30. Look to the Financial Reporting section of the VRS employer website for resources to assist with the preparation of your annual financial statements.

Learn more about new legislation’s impact on VRS: The General Assembly passed bills affecting VRS. Refer to the 2022 Legislative Summaryfor details.

Beneficiary designation form no longer available on the VRS website: Members now use myVRS to name and update beneficiaries for their defined benefit member account and group life insurance, as well as optional group life insurance if the additional coverage is elected. Hybrid Retirement Plan members and participants in the Commonwealth of Virginia 457 Deferred Compensation Plan also should log in to Account Access to update beneficiary information for defined contribution accounts.

Counseling soon-to-retire members: The Getting Ready to Retire guidehas been updated to include relevant information for members in VRS Plans 1 and 2 as well as the Hybrid Retirement Plan. The publication provides important information about the retirement application process and benefits in and after retirement.

Are you new to administering VRS benefits? Let us know so our employer representative team can introduce themselves to you and point you to resources and training opportunities.