Employer Update

VRS has updated its policies for handling employer corrections to the following plans:

• Commonwealth of Virginia 457 Deferred Compensation Plan
• Virginia Cash Match Plan 401 (a)
• Optional Retirement Plans

The updated correction policies took effect October 1 and are available on the Payroll page of the Defined Contribution Plans Resource Center for Employers.

Corrections to these plans will follow the new correction policies for all Request for Mistake-of-Fact Review forms received on or after October 1.

How to Avoid Making Corrections

Take time to reconcile payroll with each remittance to ensure you are withholding the correct amount from each member’s paycheck.

If you discover a mistake, the correction policies address how to fix the following errors:

• Missing contributions to members’ defined contributions accounts.
• Delayed submission of contributions.
• Missed earnings on the late contributions.
• Contributions remitted in error to members’ accounts.

Questions?

Email VRS Defined Contribution Plans at DCPlans@varetire.org.