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VRS Launches myVRS for Employers
On February 15, VRS launched myVRS for Employers, your own secure online version of the myVRS member application. Only authorized VRS employer contacts who have access codes may use the system. myVRS for Employers replaces QuickAccess, which will no longer be offered effective May 15.
How Will myVRS for Employers Benefit Me?
Whether you create retirement estimates for your employees or answer their questions about service or contributions, you’ll find myVRS for Employers to be a valuable tool. Using myVRS for Employers, you can:
- Create service retirement, disability retirement and Workforce Transition Act (WTA) estimates. You’ll soon be able to save retirement estimates in your employees’ myVRS online accounts.
- Check the status of applications such as service retirement, purchase of prior service or refund.
- View current employee information, including service credit and contributions.
- View employment and compensation history for deferred members as well as former employees who are reported by other employers.
- Certify certain types of prior service for current and previous employees.
- Update current employees’ addresses.
- Download the latest Member Benefit Profile (MBP) for your employees.
- Double-check the type of coverage you offer your employees.
- Look up employer contacts currently authorized to obtain information from VRS.
How Will myVRS for Employers Help Me Counsel Employees?
You’ll have all information related to members in one place to answer questions about their benefits coverage. myVRS for Employers displays the same information available to employees through their myVRS member online accounts. Seeing the same information and having it presented in a consistent format assists you in communicating and counseling employees.
How Do I Become an Authorized User?
If you completed a member look up using QuickAccess within the last six months, VRS mailed an access code to you in February. If you have not used QuickAccess in some time or are not authorized currently to access member information, submit an Authorization of Employer Contacts (VRS-67)
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to VRS. When your access is authorized, you’ll receive a one-time employer access code and information about registering for myVRS for Employers. The access code will expire within 30 days, so register as soon as you receive it.
Register for myVRS for Employers Today!
Over 30,000 Members Register for myVRS
Over 30,000 members have established their individual myVRS accounts since its launch last May. The increase is due largely to employers who advertised the new online service using posters, notices and newsletter articles that VRS provided after the launch. The spring Member Bulletin, to be published in late April 2007, will feature an article promoting the service and encouraging members to use it for retirement planning.
The most popular use of the site is to estimate benefits. Approximately 47,000 benefit estimates have been completed since the myVRS launch. In addition to creating an estimate, employees log in to myVRS to:
- Check on retirement applications.
- Look up purchase of prior service information.
- View compensation and service records and employment history.
- Set up a personal profile that includes their address and e-mail, which they can update at any time.
VRS has prepared a demo that provides an overview of myVRS and its features. The demo will be available on the VRS Web site soon.
Minnesota Life Announces Changes in Processing Optional Life Coverage in Excess of Maximum
Employees who apply for optional life insurance coverage that puts them over the guarantee issue maximum of $300,000 now receive a higher level of coverage while waiting approval. Employees are required to submit an Evidence of Insurability (EOI) form, showing proof of good health if applying for more than the maximum guarantee issue amount. Employees now receive coverage up to the maximum guarantee issue amount of $300,000 while the EOI is being reviewed. This change became effective March 1, 2007.
“By having coverage go up to $300,000, the guarantee issue maximum, the employee immediately has the highest level of insurance allowable,” says Joe Chang, manager of the Richmond Branch Office of Minnesota Life. “If the EOI is declined, the employee keeps insurance at the $300,000 level, even without evidence of insurability.”
Example: John’s salary is $76,000 and he is insured for three times his salary, or $228,000. He applies for coverage of four times his salary, or $304,000. Present Coverage (3 x salary) $228,000 Value of coverage during EOI review $300,000 Value of coverage if EOI is approved $304,000 Value of coverage if EOI is not approved Remains at $300,000 Before March 1, 2007, the value of John’s optional life coverage during the EOI review was $228,000 ($76,000 x 3 = $228,000). Coverage remained at that level if the EOI was not approved.
Questions about the recent program enhancements? Please e-mail Joseph Chang or call 1-800-441-2258. Read the Letter 44kb.
Members Have New Forms for Authorizing Account Access
Members and retirees who need a family member or other individual to consult with VRS about their benefits or take actions on their behalf if they are no longer able to handle their affairs, may now formally designate this individual by filing one of two new forms with VRS. Complete details.
Authorizing Others to Discuss VRS Account Information
To allow individuals other than the member to discuss information with VRS, members must complete and have notarized the Authorization to Discuss VRS Account Information (VRS-900)
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.
Filing a VRS Durable Power of Attorney
If a member requires someone to take actions on their behalf, he or she should complete and have notarized the VRS Durable Power of Attorney (VRS-901) (73kb).
News from the Deferred Compensation and Cash Match Plans
Using the Standard Catch-Up Can Make Up for Missed Opportunity
A valuable feature of the Deferred Compensation and Cash Match Plans is the Standard Catch-Up provision. This feature allows eligible employees who did not participate in the Deferred Compensation Plan or who deferred less than the limit for which they were eligible to “catch-up” the missed deferrals. To take advantage of this provision, employees need to complete the DCP Catch-Up Worksheet and a Normal Age Designation Form 82kb and give these forms to their agency payroll office. Rules for using the Standard Catch-Up can be downloaded with the forms.
Training & Events
Retirement Education Seminars (RES)
These half-day seminars introduce participants to long-range financial and estate planning as well as life after retirement. They are ideal for members more than five years away from retirement. Learn more...
Group Counseling Sessions (GCS)
These half-day sessions give participants the opportunity to learn more about their VRS retirement benefits and the application process. They are highly recommended for members less than five years away from retirement. Learn more...
DCP Regional Education and Enrollment Meetings Offer Variety of Topics
State employees and political subdivision employees participating in the Deferred Compensation Plan may choose from four different sessions offered through the Regional Education and Enrollment Meetings (REEMS), including the newest offering on Post-Retirement Strategies. Sessions include:
- Deferred Compensation and Cash Match Highlights and Benefits
- Account Management Strategies
- Advantages of Budgeting
- Post-Retirement Strategies
Attendees may select the topic(s) of greatest interest or attend all four. Preregistration is not required. Get the 2007 REEMS schedule 83kb .
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