Employer Update

On July 1, 2024, VRS-participating employers will begin to administer the payroll withholding for defined contribution component separately from the defined benefit component for Hybrid Retirement Plan members.

For more specifics, visit the Hybrid Rate Separation webpage:

• What Changes?
• What Stays the Same?

To help you navigate the changes, the webpage also includes:

• Your Questions Answered.
• Spreadsheet of Payroll Examples.

Coming Soon

• Snapshot Comparison Exercise: After you confirm your February, March and April snapshots in myVRS Navigator, VRS will provide a current versus future state snapshot comparison file to show the defined benefit contributions separated from the defined contribution component for hybrid plan members.
• Employer Help Sessions: VRS team members will be available online during set times to answer individual questions and ensure you’re prepared for July 1. Watch for more information.

VRS will continue to support you throughout the rate separation. Look for additional guidance in the Employer Update, watch for the snapshot comparison files in coming months and contact your Employer Relationship Managers if you need assistance.