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Payroll Reminders and Other Voya Transition Tips for VRS Employers
Working with employers to ensure timely submission and posting of payroll contributions is a top priority as Voya moves forward as the new DCP record keeper.
Instructions on submitting payments are available in the Payroll section of DCP Resource Center for VRS Employers. You’ll find the steps for updating payroll deferrals, processing contributions and making payments to VRS defined contribution plans.
Review the Payroll Guide
The VRS DCP Payroll Guide is your first source for administering the Hybrid Retirement Plan (DC component only), Commonwealth of Virginia 457 Deferred Compensation Plan and Virginia Cash Match Plan.
You will complete a contribution submission file in Voya’s Sponsor Web or submit a batch contribution file every time you run payroll.
If you submit separate contribution files for each plan, you should also send separate payments to Voya for each plan. This may be a change from how you remitted funding under the previous record keeper.
Employers that submit a contribution batch file will send only one payment to Voya per batch.
Set Up ACH Debit
Making electronic payments can streamline your payroll process. Upon receipt of the contribution file, Voya will pull the funds from the designated account and post them to the plan.
To request ACH debit, complete and return the Employer ACH Debit Authorization.
If you already have ACH debit in place, verify that your financial institution is sending Voya funds to Bank of New York Mellon.
Encourage Employees To Register Their Online Accounts
Once employees set up their DCP Accounts, they can begin exploring the interactive tools and professional services, including:
- The Voya Retire mobile app.
- Live and on-demand sessions from Voya Learn.
- Voya online calculators.
As a reminder, VRS Plan 1 and Plan 2 members who do not participate in VRS defined contribution plans will not have a DCP account with Voya.
VRS has been made aware of a phishing attempt potentially related to the Voya transition. Encourage members to be vigilant and to not click links in emails they are not expecting.
Take Advantage of Counseling Resources
Contact DC Plans Coordinator DaJon Johnson to schedule a meeting with a DC Plans Education Specialist to assist employees in understanding the VRS Defined Contribution Plans.
Questions?
- Email dcpersupport@voya.com
- Call the Employer Support Center at 844-570-1482 (option 2)
