Employer Update

Coming Soon: Important GASB Data for Your Annual Financial Reports

VRS is preparing the information necessary for VRS-participating employers to follow 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 in the coming weeks for resources to assist with the preparation of your annual financial statements, including:

• Audit reports for state, teacher and political subdivision retirement plans as well as for other post-employment benefit (OPEB) plans.
• Sample journal entries.
• Sample note disclosures.
• Analysis of net pension liability.

VRS Selects New Record Keeper for Defined Contribution Plans

The VRS Board of Trustees has named Voya Financial to serve as the third-party record keeper for the VRS defined contribution plans (DCP) beginning January 1, 2025, subject to final contract negotiations.

Following an expected 18-month transition period, Voya will assume record-keeping responsibilities January 1, 2025, for VRS-sponsored defined contribution plans including the Commonwealth of Virginia 457 Deferred Compensation Plan, the Virginia Cash Match Plan 401(a) and the defined contribution component of the Hybrid Retirement Plan. Voya will also serve as record keeper for VRS-sponsored optional retirement plans for political appointees and school superintendents, and as one of the provider choices for the optional plan for higher education.

Read the full release.

Alight Acquires ReedGroup

ReedGroup, which serves as VRS’ third-party administrator for Virginia Sickness and Disability Program (VSDP) and Virginia Local Disability Program (VLDP) claims, has been acquired by Alight. Over the next few months, references to ReedGroup will change to Alight on websites, in handbooks and in other communications.

• You will still track and manage leaves of absence through the self-service portal LeavePro.
• For administrative or technical support, you still may call 1-844-507-5391.
• Note new mailing address: Alight, P.O. Box 1523, Lincolnshire, IL 60069

myVRS Navigator Security Reviews Underway

Annual security reviews for myVRS Navigator began in late June. By working as a team implementing role-based security, VRS and employers can make sure that myVRS Navigator users have the tools they need while protecting members’ privacy.

Security Administrators, who oversee and approve access to myVRS Navigator for their agencies, will receive a message from VRS outlining the procedures and timeline for conducting the annual security review. You can complete your review online in a matter of minutes.

When you log in to myVRS Navigator, step-by-step instructions on the Employer Security Review page will explain how to make any necessary changes and guide you through submitting changes directly in the system.

Self-Directed Brokerage Account Option Moving to Schwab

The TD Ameritrade self-directed brokerage account option available to members with defined contribution plan accounts record kept by MissionSquare Retirement is transitioning to Schwab ownership in early September. Participants will need to register their accounts with Schwab. Affected participants will receive more information from MissionSquare and Schwab.