Employer Update

Which New Laws Affect VRS?

See the Legislative Summaryto view laws enacted by the 2024 Virginia General Assembly that affect VRS-administered plans and benefits.

New employer contribution rates for fiscal years 2025 and 2026 took effect July 1.

• Statewide plans and other post-employment benefits: Refer to the Contribution Rates webpage.
• Political subdivisions: Contribution rate letters for all political subdivision employers are available for download from myVRS Navigator.

Voya To Gather Payroll Data Ahead of Record Keeper Transition

Beginning January 1, 2025, Voya Financial will assume record-keeping responsibilities from MissionSquare for the VRS defined contribution plans.

To make the defined contribution record keeper transition from MissionSquare to Voya as smooth as possible, we have set up a Payroll Data Gathering Website for political subdivisions, school divisions and decentralized state employers to provide information on their current defined contribution submission process. The website will be accessible only to VRS Security Administrators.

Watch for an email from Voya with more information after July 1.

Stay informed throughout the process: Bookmark the transition website. The site includes need-to-know items and key dates that will be updated as the transition unfolds.

VRS Counseling Center To Relocate

The VRS Retirement Counseling Center, currently in downtown Richmond, will move to Henrico County later this year. The new space offers convenient parking with proximity to public transportation, allowing VRS to better serve members and retirees who seek in-person counseling.

VRS’ administrative headquarters will remain in downtown Richmond.

Check the VRS website for details about the counseling center move as they become available.

Get the VRS Training You Need

Take advantage of these upcoming sessions to increase your knowledge:

• Onboarding New Employees, 2-3 p.m., Wednesday, July 24
• Life Insurance, 2-3 p.m., Wednesday, August 28
• Understanding the Hybrid Retirement Plan, 2-3 p.m., Wednesday, September 25
• Understanding Contributions, 2-3 p.m., Wednesday, October 23
• Service Retirement, 2-3 p.m., Wednesday, November 20
• Introduction to VRS for Benefit Administrators (four-part series), 10-11:30 a.m., December 10, 12, 17, 19