Employer Update

VRS will simplify how employer contributions are calculated and paid for the Hybrid Retirement Plan, starting July 1, 2024. Payroll withholding for the defined contribution component will be managed independently from the defined benefit component.

You will continue to submit separate payments to:

• VRS each month for the defined benefit contribution rate.
• MissionSquare Retirement (record keeper for VRS defined contribution plans) each pay period for mandatory and employer-matching contributions.

Plan Now for Updates to Your Payroll System

Legislation separating the defined benefit and defined contribution employer rates passed in 2022 with a delayed effective date of July 1, 2024, to allow time for employers to update payroll systems, if necessary, and to make other required changes in their reconciliation and reporting processes.

Join Our Info Sessions to Learn More and Ask Questions

VRS will hold two online information sessions in June to offer additional details on how the legislative change affects hybrid plan administration and payroll processing.

We encourage you and your co-workers in information technology, payroll and human resources to register for one of the upcoming information sessions:

• June 6, 10-11 a.m.
• June 20, 2-3 p.m.

The feedback we gather from you will further enhance the level of support we provide throughout the pre-implementation process over the next year.