What employers are saying:
In This Edition
More than 750 Employers Register for myVRS for Employers
Do you counsel employees about their benefits? Create retirement estimates? Certify purchase of prior service? Then you’ll want to join more than 750 employers who are logging into myVRS for Employers.
In a recent letter to employers, VRS Director Robert P. Schultze says of the site, “Over time, we plan to make myVRS for Employers your most important employer tool. Our goal is to provide you the information you need to add value to your job, your employees and your interactions with us.”
Users find that the site helps them perform transactions and look up employee information quickly. For example, they can check on the status of an application for service retirement or purchase of prior service, or find out the status of a refund request.
myVRS for Employers replaces QuickAccess, which will no longer be offered after May 15, 2007.
New Users
First, complete an Authorization of Employer Contacts (VRS-67) 
45kb and have your agency head or chief administrative officer sign it, giving you authorization. Once VRS processes your authorization, you’ll receive a one-time only access code at your work mailing address. Use this code to register for myVRS for Employers, which includes setting up your username and password to use each time you login to your employer account. The access code is valid for 30 days from the date it is issued, so register as soon as you receive it.
Note: Do not share your access code with anyone else. Unauthorized use of a password will result in a suspension of your account. If your account is suspended, you would need to complete another VRS-67 to restore access.
Resources to Help You Get Started
myVRS for Employers Fact Sheet 65kb
myVRS for Employers Users Guide 927kb
Stay tuned for information about new myVRS for Employer online tools in the future.
2007 Legislative Update
The 2007 General Assembly enacted legislation that makes a number of changes to retirement benefits for state police officers, sheriffs and local public safety officers. Legislation also increased the health care credit for eligible retired teachers.
State Police And Local Public Safety Officers
- Effective July 1, 2007, the service retirement multiplier will increase to 1.85 percent for state police officers and sheriffs covered under VRS.
- Beginning July 1, 2007, VRS-participating political subdivision employers who provide enhanced benefits for their hazardous duty employees (LEOS) may elect to provide the 1.85 percent multiplier.
- Beginning July 1, 2008, all VRS-participating political subdivision employers must provide enhanced benefits (LEOS) for deputy sheriffs. Localities may elect to provide these enhanced benefits (LEOS) for deputy sheriffs before July 1, 2008.
State police officers, sheriffs, deputies and other hazardous duty employees are eligible for the hazardous duty supplement if they have least 20 years of hazardous duty service with a VRS-covered employer.
Retired Teachers
Effective July 1, 2007, the health insurance credit for retired teachers with at least 15 years of creditable service increases from $2.50 to $4 per month for each full year of creditable service. The legislation also removes the health insurance credit maximum amount of $75 per month, allowing teachers retiring with more than 30 years of service to have the credit applied to their total number of years of service. The option to provide a local-funded supplemental credit of $1 per year of service was eliminated. VRS will be contacting affected employers after July 1, 2007.
VRS Announces Lower Optional Life Insurance Premiums
VRS and Minnesota Life, the administrator of the Optional Group Life Insurance Plan, announced a reduction in premium rates for coverage for members, their spouses and dependent children, effective July 1, 2007. The reduction applies to all age categories, so every insured employee and spouse will enjoy lower premium amounts.
Total premiums are being reduced by more than 18 percent. The reduction is the result of continued favorable claim experience since the plan was first implemented in 1995. Learn more
Checklist for Payroll Officers
- Report annual salaries on the Monthly Membership Report (VRS-1500). This data is needed to accurately calculate insurance coverage amounts, service retirements and retirement benefit estimates for your employees.
- File Monthly Membership Reports and contributions by the 10th of each month. Not filing and submitting the contributions by the due date could result in a penalty of 5 percent of the amount due, plus interest at the rate of 1 percent per month until the reports and contributions are received. To request an extension on filing reports, send an e-mail to mdlee@varetire.org. To request an extension on late payments, send an e-mail to astuart@varetire.org. Include your employer name, code, phone number, e-mail address, reason for the request and approximate date the reports and/or contributions will be submitted. However, do not submit personal information such as SSN, since VRS e-mail is not secure.
- Notify the VRS Employer Reporting department when you make a change to a payroll system. If you are submitting a payroll file that has been generated from a new payroll system, VRS is available for consultation/testing. By testing with VRS, you will have a smoother transition in reporting your monthly payrolls to VRS. As you develop a new system, it needs to include the same data elements and file format as you use today.
- Review monthly output reports from VRS (VRS-1500R or VRS-1500 – Dollar/Service Suspended Detail) and take action immediately to clear all suspense items and discrepancies. If you are not receiving the monthly reports, notify the VRS Employer Support department at 1-888-VARETIR (827-3847), ext. 4202 to update your agency’s contact information.
For more information on these and other reports required, contact:
VRS Employer Reporting department1-888-VARETIR (827-3847), ext. 4219
News from the Deferred Compensation and Cash Match Plans
Automatic Enrollment for New State Employees Begins January 1, 2008
The 2007 General Assembly passed legislation making enrollment in the Commonwealth’s Deferred Compensation Plan (DCP) automatic for state employees hired on or after January 1, 2008.
New employees will be enrolled automatically at the time of employment. Automatic deferrals of $20 per pay period with a $10 employer cash match beginning the first pay date following 90 days of employment. After the deferrals begin, new employees have an additional 90 days to opt out of the program.
Participants Have New Self-Service Options
Participants who work for agencies that report through the Commonwealth Integrated Payroll/Personnel System (CIPPS) have a more convenient way to make changes to their Deferred Compensation and Cash Match Plans accounts. A new online option became effective May 1, 2007.
By logging on to www.vadcp.com, participants can make changes, such as: increasing or decreasing deferral amounts and reinstating or suspending deferrals to the 457 Plan. Participants also may make changes through KeyTalk, the automated phone system, by dialing toll-free 1-866-266-6682 (option 1).
Participants who do not wish to use the online option or KeyTalk may continue to use the Payroll Authorization Form. The paper form is required if a participant is using the Standard Catch-Up or Military Leave Make-Up, or deferring unused sick and annual leave to the plan. The paper form also is needed when a participant changes agencies to ensure that deferrals continue.
All paper forms should be sent to the Great-West office at:
Great-West Retirement ServicesLocal Service Center
1108 East Main Street, Ste. 1102
Richmond, VA 23219
Phone: 1-866-226-6682 (option 2) or 804-643-1882
VRS mailed a letter to plan participants announcing the new self-service options in April. Read the letter to participants 15kb. Great-West sent a letter to agency human resource officers and payroll officers of agencies reporting through the Commonwealth Integrated Payroll/Personnel System (CIPPS) to alert them of changes in processing applications. Read the Agency Update regarding processing changes 20kb.
VRS plans to offer online enrollment and deferral change capability for decentralized reporters by October 1, and for participating political subdivisions and school divisions during 2008. Watch for more information to come.
VSDP: Unum Takes Steps To Safeguard E-mail Communications
Unum, the provider for the Virginia Sickness and Disability Program (VSDP), recently announced that the company is taking new measures to provide additional security and to protect the privacy of claimants’ personal information. These changes are being made in response to recent changes at the state and federal level having to do with claimant privacy within the insurance industry.
Effective May 1, Unum is changing its procedures for responding to requests for updated status information or other types of information. All responses in regards to claims will be sent as encrypted and password protected messages to employers. Only the claimant’s claim number will be included within the body of the e-mail. Unum will continue to send approval or denial letters to employers as attachments, but they will now be encrypted and password protected.
You can help safeguard your employees’ personal information by:
- Using Unum’s Customer Contact Center as your first line of communication, rather than e-mail, for client-specific information. Or, use the Custom Reporting & Analysis (CR&A) Web site for claim status information.
- Not including the person's name, Social Security number or other identifying information in the subject line or body of your e-mail.
- Using only the claim number in your e-mail correspondence, unless it is an encrypted and password protected attachment.
Unum's Customer Contact Center is open Monday through Friday from 8 a.m. until 11 p.m. The center is able to handle 85 percent of incoming calls without having to place the caller on hold or to transfer the call.
Contact Unum
Update your contact information. UnumProvident recently changed its name to Unum. E-mail addresses for Unum contacts have also changed.
Web site: www.unum.com
Customer Contact Center: 1-800-652-5602
Michelle Jackson, Unum National Account Manager1-804-346-1350
mijackson@unum.com Mike Pote, Unum Account Consultant:
1-888-827-3847, ext. 3207
mpote@unum.com
Educational Seminars & Meetings
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
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. Pre-registration is not required. Get the 2007 REEMS schedule 309kb.
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