Quick Tips for Reviewing and Reconciling Monthly Snapshots

November 2022

An image of a young woman holding a camera up to her face. She has one eye closed as she looks through it. Behind her is a brick wall. To the right of her is text which reads focus on the monthly reporting process.

Every month, you generate snapshots of your agency's current employee population in myVRS Navigator and schedule payments for retirement contributions and other VRS-administered benefits.

Before you confirm the snapshot, review and reconcile the amounts in myVRS Navigator to the information in your payroll system. The snapshots contain summary information 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. The snapshots also include informational amounts for the Hybrid Retirement Plan defined contribution component.

Follow these steps to stay on top of the monthly reporting process:

Create and review your monthly snapshot before the last day of the month. Contribution payments are due to VRS by the 10th of the month or the next closest business day. Reviewing your snapshot in advance will allow ample time for reconciliation and confirmation.
Sort information according to plan and benefit. Whether you're working in the snapshot screen or offline in the downloaded Excel file, sorting will help you more easily identify required payroll adjustments and resolve other issues.
Remember to reconcile defined contribution component amounts. Defined contribution component amounts are included on the snapshot for informational purposes only, but it is still critical to ensure the correct amounts are being withheld from employees' paychecks and remitted to MissionSquare Retirement. Payments should be made to MissionSquare with each payroll. Penalties exist if employee contributions are not invested in the market timely.
Generate next month's snapshot and monitor changes. Stay ahead of the curve. Look for upcoming changes that may affect contributions to VRS as well as MissionSquare Retirement.

Want a deeper dive on the process? Check out the Contribution and Payment Scheduling chapterof the Employer Manual. Also, take the newly updated online course(login required).