In This Edition
Member Benefit Profiles to Be Available in
myVRS
The 2009 Member Benefit Profiles (MBPs) will be available in myVRS this month. The MBP is your employees’ personalized annual benefit statement, based on service credit and salary information reported to VRS through June 30, 2009.
You can alert your employees to view their MBP by logging in or creating a secure online account at myVRS. If you distribute printed MBPs to your employees, you will receive them shortly.
Encourage your employees to review their MBPs carefully. Report any discrepancies to VRS using the Request for Review of Membership Records (VRS-70) 
71kb. Enclose a copy of the MBP when submitting this form.
View Your Employees’ MBPs
You can view the data used to prepare your employees’ MBPs and print copies for employees through myVRS for Employers. After logging in, select “Reports” from the left navigation, then “Annual MBP Detailed Report” from the reports list. If you have access to more than one employer code:
- Select “Choose Employer” from the left navigation.
- Enter your agency’s five-digit Employer Code and select “Look Up.”
- Then select “Reports” from the left navigation to view the report list.
Print MBPs
- From the “Annual MBP Detail Report” view, use the appropriate filter to search employees for whom you wish to print MBPs.
- Check the box to the left of each employee’s name. You can select up to 50 names at a time.
- Select the “Export Selected” icon. This will generate one large PDF of the MBPs you selected for printing. You may print the file or save it to print later.
VRS Embarks on Modernization Program
Building on the concept of providing more service and tools through myVRS, VRS is modernizing its 20-year old technology infrastructure and streamlining business processes. The goal? To expand services for a growing number of employees eligible to retire while keeping operating costs down.
Modernization will integrate business processes and data with employers and VRS’ service providers via the Web. The result will be a consolidated view of the member beginning when he or she accepts VRS-covered employment all the way through the member’s career and to assisting the beneficiary or survivor upon the member’s death.
Employers can learn more about the upcoming, multi-year Modernization project through webinars, which will be held this fall. Look for webinar dates and times in an upcoming edition of the Employer Update and on the employer homepage of the VRS Web site.
October is Open Enrollment Month for ORP for Higher Education
Participants in the Optional Retirement Plan (ORP) for Higher Education may change retirement plan providers during open enrollment month, October 1 through October 31, 2009.
The two plan providers are Fidelity Investments and TIAA-CREF. Administrative and investment fees vary between the two providers. Participants should read the Open Enrollment Notice to Participants 14kb for more information.
Participants can change their provider by completing the Provider Change Form 49kb and sending it to their Human Resources Office. The participant also must complete an enrollment form and beneficiary form. Changes will be effective for contributions sent to the new provider on or after January 1, 2010.
Defined Contribution Plans Update
New Employer Newsletter for DC Plans Now Available
Stay up to date on defined contribution plan news by reading DC Plans Employer Update, launched earlier this month. The premier issue focuses on the plans’ Resource Center for VRS Employers, enhancements to the defined contribution plans Web site, employer webinars and rules concerning plan distributions and contributions for employees being laid off. This issue also includes information about webinars for employees and Regional Education Meetings.
Did You Miss the Defined Contribution Plans Webinars?
If you did not have an opportunity to attend a defined contribution plan webinar in June or July, you can view the presentation from the Resource Center for VRS Employers on the DC plans’ Web site.
Your Turn to Ask
Q: If an employee terminates employment after 15 or more years of service but defers retirement, does he or she qualify for the health insurance credit upon retirement?
A: An employee who chooses to defer retirement qualifies for the health insurance credit if he or she has at least 15 years of service credit and is :
- State employee
- Teacher, school administrator or staff member of a public school board
- General registrar or employee of a general registrar
- Local officer
- Local social service employee
- Employee of a political subdivision that offers the health insurance credit.
Upon retirement, the individual must complete and submit the Request for Health Insurance Credit (VRS-45) 70kb to VRS to apply for the credit. Once the individual enrolls in a qualified health insurance plan and begins paying premiums, the health insurance credit is added to the monthly VRS retirement benefit.
Ask your question
To submit a question, send an e-mail to the editor. Only questions of a general nature are published. If your question is an individual case or involves sharing any personal information, such as Social Security number, do not use e-mail. Instead, call the VRS Customer Contact Center at 1-888-VARETIR (827-3847) or contact your Employer Representative.
Back to top
