Employer Update

Payroll Reminders From Voya

Working with employers to ensure timely posting of payroll contributions remains a top priority for Voya, the new VRS DCP record keeper. Instructions on submitting payments are available in the Payroll section of DCP Resource Center for VRS Employers. There you’ll find the steps for updating payroll deferrals, processing contributions and making payments. Contact the Voya DCP Employer Support Center at 844-570-1482 for further assistance.

Required Line of Duty Act Training Covers Key Benefits

The Line of Duty Act (LODA) provides benefits to state employees, local government employees and volunteers who hold specified hazardous duty positions.

State law requires employers to train LODA-eligible employees on these benefits and to provide guidance on how to apply for benefits. The first training must happen within 30 days of the employee’s hire date and then every two years thereafter.

The LODA Overview for Participants presentation satisfies this training requirement. You can direct employees to the LODA website to watch the recorded presentation or you can play it for a group of employees.

Hybrid Plan Members Can Make Monthly Contribution Elections

Hybrid Retirement Plan members can now set or change their voluntary contribution election percentages monthly by logging into their DCP Account. Before this year, members could only make contribution changes quarterly. Changes must be made by 4 p.m. on the last business day of the month to take effect the following month.

How to Adopt the Commonwealth of Virginia 457 Plan

Political subdivision and school division employers looking to ease their administrative burdens and provide employees with more savings opportunities may want to consider adopting the Commonwealth of Virginia 457 Deferred Compensation Plan.

Your organization becomes a participating employer effective within 60 to 90 days after your governing body passes an adoption resolution. Transitioning any existing 457 plan to the Commonwealth of Virginia 457 Plan generally takes 90 to 120 days.

Streamline Employee Orientation

The VRS Member Guide makes it easier for you to counsel and guide new employees on their benefits. This quick-reference booklet describes each VRS plan, principal benefits and how to contact VRS. Order your copies today.