Employer Update

As we start a new year, resolve to stay on top of scheduling payments to VRS. As a reminder, defined benefit retirement contributions and other ancillary benefits must be paid on time by the 10th of the following month. If the 10th falls on a weekend or a holiday, payment is due the next business day.

The Contribution Confirmation and Payment Scheduling chapterin the VRS Employer Manual is your first and best source for information. However, here's a quick rundown of the process:

1. Generate your monthly snapshot and reconcile it with your payroll and human resource records. Make prompt changes when members have status changes like separations, enrollments, salary increases and leave without pay so that the snapshot will reflect accurate contribution amounts. You may generate and regenerate the snapshot as often as needed during the reconciliation process.
   
   Step-by-step instructions: Access the Contribution Confirmation Process Guide from the Commonwealth of Virginia Learning Center. (Login required. If you need credentials, email externalVLC@varetire.org. Include your full name and work email address.)
2. Once the snapshot is correct, you must confirm it. The system runs validations to ensure the data shown in the monthly reporting snapshot is using the most current data for all employee records. Any errors surfaced during the validation process must be corrected before confirmation.
3. Once the snapshot is confirmed, you may schedule and approve the payment in myVRS Navigator. Contributions for defined benefit retirement and other ancillary benefits are due by the 10th of the following month.
   
   Step-by-step instructions: View the Contribution Confirmation and Payment Scheduling course the Commonwealth of Virginia Learning Center. (Login required.)

ACH debit is VRS' preferred payment method: It's important to schedule and approve ACH debit payments three business days prior to the 10th to allow file exchanges between VRS and its financial institution.

Schedule payments for MissionSquare Retirement separately: Contributions should be remitted per payroll, but no later than the 15th business day following month's end. Late payments for defined contribution plans may result in missed investment earnings for employees. Refer to and bookmark the resources on the Payroll page of Hybrid Retirement Plan Resource Center.