Employer Update

At the close of each fiscal year, employers have important year-end tasks to perform and monitor. VRS appreciates your partnership in ensuring a smooth transition to the new fiscal year. Here's a quick refresher on upcoming processing tasks and deadlines:

Confirm June snapshot no later than Monday, July 11: The Security Administrator or the Snapshot Processor 2 should confirm all snapshots through June 2022 in myVRS Navigator no later than 4 p.m., July 11. Employers will need to schedule payments at least three business days before the 11th of the month if submitting by ACH debit.

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, as soon as all monthly activity is known. For further details, refer to the Contribution Confirmation and Payment Scheduling chapterin the VRS Employer Manual.

Look ahead to 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 year-end processing is complete at VRS. You will receive an email and 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.

Bookmark 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.