Employer Update

Every month, you generate snapshots of your agency’s current employee population in myVRS Navigator and schedule payments for retirement contributions and other VRS-administered benefits.

Before you confirm the snapshot, review and reconcile the amounts in myVRS Navigator to the information in your payroll system. The snapshots contain summary information for defined benefit contributions, the Basic Group Life Insurance Program, the Virginia Sickness and Disability Program (VSDP), the Virginia Local Disability Program (VLDP) and the health insurance credit, as applicable.

Follow these steps to stay on top of the monthly reporting process:

1. Create and review your monthly snapshot before the last day of the month.

Contribution payments are due to VRS by the 10th of the month or the next closest business day. Reviewing your snapshot in advance will allow ample time for reconciliation and confirmation.

2. Sort information according to plan and benefit.

Whether you’re working in the snapshot screen or offline in the downloaded Excel file, sorting will help you more easily identify required payroll adjustments and resolve other issues.

3. Resolve any errors before hitting Confirm.

You may regenerate your snapshot multiple times throughout the month to resolve errors or discrepancies as needed before confirmation. A new snapshot replaces the old one. Even if the snapshot is generated multiple times per month, nothing is submitted until the snapshot is confirmed.

4. Important: Hybrid Retirement Plan administration has changed.

Your snapshot no longer shows the expected defined contribution amount. Download the Deferral Changes Report quarterly from MissionSquare Retirement to monitor changes in employee voluntary contributions. (Find download instructions at the Retirement Plan Resource Center for Employers.) Compare payroll withholdings against what was remitted to MissionSquare. Resolve any errors and discrepancies. Remit employee and employer contributions to MissionSquare every time you run payroll.

Want a deeper dive on the process?

Check out the Contribution and Payment Scheduling chapter of the Employer Manual. Also, take the newly updated online course (login required).