Employer Update

Submitting contributions for VRS defined contribution plans does not have to be time-consuming, manual process. Switch to a batch payroll file now to save yourself time and cut down on reporting errors.

The switch from manual to batch payroll processing can be done in three easy steps:

1. Request the batch layout from your MissionSquare Retirement Employer Support Team by email or by calling 877-327-5261 (option 3).
2. Test your batch file processing.
3. Submit your first production file!

Why now? You need to prepare for the Hybrid Retirement Plan's auto-escalation feature, which will automatically increase contributions by 0.5% for eligible members in January 2023, unless they opt out. If you employ more than 25 hybrid plan members, using a batch file will reduce the manual updates to the voluntary contribution and employer match amounts on your contribution submission.

It typically takes MissionSquare 5-10 business days to facilitate a switch to batch payroll processing. However, it may take more time and planning for your payroll vendor to implement. By making the switch now, you will ensure smoother payroll processing in January, when members' voluntary contributions increase.