Employer Update

VRS Phone Menu Options Have Changed

VRS recently upgraded its phone system to better serve members. When calling VRS at 888-827-3847, listen carefully as menu options have changed.

• For employer support, choose menu option 4.
• Encourage members to seek answers for common benefit or retirement questions online at our website. They also may complete an online form for additional email support.

New VRS Counseling Center Opens at New Location This Fall

The VRS Counseling Center will open this fall at 6641 West Broad Street in central Richmond. The new space offers convenient parking with proximity to major highways and 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 next month for more details about the new counseling center.

VRS Earns High Marks in Peer Comparison 

VRS remains in the high-service, low-cost category compared to its peers, according to an annual study from CEM Benchmarking, which compares retirement systems in the United States and around the world.

• VRS’ total service score of 81 is in line with our peers.
• VRS’ total pension administration cost is $81 per member, below the peer average of $117.

CEM measures service quality from a member’s perspective. For example, a pension fund that offers more communications channels for its members is perceived to resolve issues more quickly.

VRS participates in the benchmarking comparison each year to identify opportunities to further improve service and reduce costs.

Use Your Hybrid 401(a) Forfeiture Balance This Fall

Each year, VRS employers have access to a forfeiture account balance with MissionSquare Retirement that can be used to offset your year-end employer contributions for the Hybrid 401(a) Cash Match Plan. The forfeiture account results from unvested funds from terminated plan members. To prepare for the transition to Voya Financial, effective January 1, 2025, this year’s forfeiture window has been moved forward to October and November.

You can easily view your forfeiture balance in EZLink and apply it to your contribution file to offset your employer source contributions. For assistance with this process:

• Refer to the Instructions for Using Forfeiture Assets to Offset Employer Contributions for the Hybrid 401(a) Cash Match Plan.
• Reach out to MissionSquare’s Employer Support Team at 877-327-5261 (option 3) or by email at DefinedContributionsEmployerSupport@missionsq.org.

It is a good practice to use your entire forfeiture balance each year. If you do not use your forfeiture funds for the current year, the forfeiture balance will automatically move from MissionSquare to Voya. Additional information about the usage of forfeiture funds in 2025 will be provided later this fall, as employer transition meetings begin.