Employer Update

VRS Customer Contact Center to Close Briefly for Training

The VRS Customer Contact Center will be closed for training on September 17, from noon to 5 p.m. If you have an urgent need during this time, email Employer Support or reach out to your employer relationship manager directly.

Attend an Upcoming Voya Transition Meeting

Starting in early October, Voya will begin holding online employer meetings about the upcoming record keeper transition. Recorded versions will be posted online. Benefits administrators and people with roles in Human Resources and payroll should attend one of these sessions to learn more about the transition as well as process changes and improvements. Check the transition website for details later this month.

Get Help Managing Changes to Hybrid Retirement Plan Administration

Since the start of FY 2025, employers have been administering the defined contribution and defined benefit portions of the Hybrid Retirement Plan as separate and independent components.

For school division and higher education employers, who have less-than-12-month contract employees, defined contribution deductions per pay period begin at the start of the new contract (e.g., late-August or September 2024, with DC contribution withholdings in off-contract months starting summer 2025).

Need help with the change? Join VRS’ online Hybrid Rate Separation Help Sessions this month. Get the help you need to manage the changes to hybrid plan administration.

Register for a help session.

MBPs Offer a Retirement Strategy Checkup

The 2024 Member Benefit Profiles (MBPs) are now available in members’ myVRS accounts. The MBP is an annual benefit statement based on information employers report to VRS as of June 30. It provides account balance information, retirement eligibility and eligibility for other benefits, such as group life insurance and the health insurance credit.

For members without online access, you may look up their MBPs in myVRS Navigator through your employer access view and provide copies to them.

When they log in to myVRS, members also can get just-in-time information about their VRS account balance and other benefits.

New Phone Number for Hybrid Plan Support

VRS is making updates to its phone systems. Hybrid Retirement Plan members should now call the VRS Counseling Center at 888-827-3847 for assistance. They can follow the prompts for hybrid plan support.

Correcting DCP Errors $50 or Less? Skip the Form

A Request for Correction Review form is no longer required for defined contribution plan account overages or shortages of $50 and less. In many cases, you can make corrections through payroll for errors that fall under this threshold.

For overages of more than $50 that are identified within 14 business days of funding, the funds can be returned directly to the employer by requesting a refund from MissionSquare Retirement. Outside of that period, adjustments will follow the corrective methods outlined in each plan’s corrections policy:

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

If you have questions about VRS DCP corrections, email dcplans@varetire.org.