In This Edition

1. 2010 Legislative Session Continues
2. New Coordinating VRS Benefits Curriculum Now Available
3. Voluntary Long Term Care Initial Enrollment Begins March 22
4. Eligible Employees Can Increase Retirement Savings Using the 457 Standard Catch-Up
5. Back to Basics: What Does Your Employer Code Mean?
6. Your Turn to Ask

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2010 Legislative Session Continues

The Governor’s proposals about the VRS benefit structure as well as active bills proposed in the House and Senate are before the 2010 General Assembly. The budget is open to amendments (changes) by House and Senate members.  The final budget bill and the outcome of other proposed legislation will not be known until the conclusion of the General Assembly. VRS will keep you informed as soon as possible after the end of the session.

Track the status of VRS-related bills.

New Coordinating VRS Benefits Curriculum Now Available

The Coordinating VRS Benefits curriculum provides an overview of VRS benefits for human resource and payroll officers. Foundational courses introduce you to employer resources and the basics of membership and refunds. Core courses provide training in the major benefit processes such as service and disability retirement and the purchase of prior service. Electives offer instruction on optional benefits or benefits for your particular employee group.

You can mix and match courses based on the topics you need and the mediums you prefer. Foundational courses are offered though e-learning modules. Four instructor-led regional sessions allow you to take four core courses over two days. Core courses also will be available through monthly webinars. New human resource and payroll officers are encouraged to take the three foundational e-learning courses before registering for core course offerings. Registration is now open for the webinars and regional sessions. A variety of elective courses also will be offered throughout the year as e-learning courses and webinars.

Voluntary Long Term Care Initial Enrollment Begins March 22

Initial enrollment in the Commonwealth of Virginia Voluntary Group Long Term Care Insurance Program begins March 22 and continues through April 30. As an employee-paid program, there is no cost to employers to offer this coverage. During this initial period, active employees can enroll without providing proof of good health for themselves and limited proof for spouses.

Who’s Eligible?

• State employees and public college and university employees who work at least 20 hours a week
• Employees of political subdivisions or school divisions that have elected to offer the program
• Deferred members that have at least five years of service credit
• Retirees receiving a VRS benefit
• Select family members of participating employees

VRS has contracted with Genworth Life Insurance Company to help administer the program, formerly administered by Aetna.

Learn more about electing the program, plan features and enrollment.

Eligible Employees Can Increase Retirement Savings Using the 457 Standard Catch-Up

Eligible employees who participate in the Commonwealth of Virginia 457 Deferred Compensation Plan and did not contribute the maximum allowed in prior years may have the opportunity to contribute up to $33,000 a year using the 457 plan standard catch-up. Employees can participate in the standard catch-up in the three years preceding their selected normal retirement age. The earliest normal retirement age is the age at which an employee is eligible for an unreduced retirement benefit. However, it cannot be used in the year the participant turns age 70 ½ or the year of their selected normal retirement age.

Participants eligible for the standard catch-up in 2010 may contribute the regular limit of $16,500 plus the standard catch-up limit of $16,500 for a total of $33,000, or the combination of the regular limit and the participant’s available catch-up credit, whichever is less. The 457 Deferred Compensation Plan website provides instructions and the required standard catch-up forms. For assistance, participants may contact the ING registered representative that serves their area.

Back to Basics: What Does Your Employer Code Mean?

Five-digit codes are assigned to each VRS-participating employer. These codes define the VRS benefits for which your employees are eligible. Some participating employers have more than one employer code. For example, there may be two employer codes for school personnel: one for teachers and one for employees such as bus drivers and cafeteria workers. Here are the five employer groups and employment types:

Code	Employment Types	Group
1XXXX	Judges	Judges in the Judicial Retirement System (JRS)
2XXXX	State Police	State police in the State Police Officer’s Retirement System (SPORS)
3XXXX	Positions with State Agencies, including Public Colleges and Universities	State employees in the Virginia Retirement System (VRS)
4XXXX	School Division Professional Personnel	Teachers, administrators, supervisors, managers, clerical staff and nurses employed by public school boards (VRS)
5XXXX	Political Subdivision Positions including Hazardous Duty Positions	Employees, including constitutional officers, of counties, cities, towns and other entities such as commissions and authorities (VRS) Cafeteria workers, bus drivers and maintenance workers employed in public school divisions (VRS) VRS-covered sheriffs, deputy sheriffs, jail superintendents, sworn officers of regional jails, sworn law enforcement officers, full-time firefighters and emergency medical technicians (VRS)
7XXXX	Virginia Law Officers	State law officers, other than state police, in the Virginia Law Officers’ Retirement System including campus police, Capitol police, parole officers, alcohol beverage control special agents, marine resource commission law enforcement officers, corrections officers, state police weight enforcement officers and conservation officers

The five-digit employer code also is used to verify your access to myVRS for Employers. If you are reporting employees under more than one code, you must request to access myVRS for Employers under both codes to ensure access to information and reports for all employees. The Authorization of Employer Contacts (VRS-67) 50kb authorizes official contacts for access to employee information.