VRS Logo Thursday, December 14, 2017

Counseling Center
1111 East Main Street
Richmond, VA 23219
8:30 a.m.–4:00 p.m.
Monday–Friday
1-888-827-3847
Map & Directions
graphic: contact us Contact Us

Administrative Offices
1200 East Main Street
Richmond, VA 23219

Connect with VRS
facebook icon linked-in icon

Home
 > Employers
 > Financial Reporting
 > Fiscal Year-End Reminders

Fiscal Year-End Reminders

At the close of each fiscal year, employers have a number of important year-end tasks to perform and monitor. VRS appreciates your partnership in ensuring a smooth transition to the new fiscal year.

June

Record Salary Changes for Start of New Fiscal Year

You may need to update salary information for some or all employees. If you report salary increases to VRS for July, you also should initiate salary changes in your payroll system to ensure you collect the full contribution amount for July.

  • If you submit maintenance updates using PMIS (state agency employers): No additional action is required. The salary changes will be updated as usual in myVRS Navigator.

  • If you submit maintenance updates in a batch file: Employers that are certified by VRS to submit batch files will use the regular maintenance file to submit salary changes.

  • If you submit maintenance updates online via myVRS Navigator: An on-demand Salary Report is available to help you manage salary changes. The report allows you to record all salary changes and then submit them as a single file. You can access the report in the Report Repository.

Manage Contract Renewals (School Divisions and Higher Education Institutions) Auto-renewal of Contracts
  • myVRS Navigator automatically renews contracts for all returning covered contract employees, regardless of contract length (nine, 10, 11 or 12 months). The process will be triggered 11 business days after you confirm the previous month's snapshot, and will only advance the contract start date by one year. The contract length and number of months paid will remain unchanged.

Changing Contract Details
  • If you need to make changes to a contract employee's contract start date, contract length or number of months paid, do so within the 10-business-day window after confirming your snapshot and before auto-renewal of contracts. In instances when a contract employee's contract is changing in the new fiscal year, the employer should initiate a job/contract change in myVRS Navigator.

  • myVRS Navigator will display an error message if you attempt to update or correct current year or prior year contract details during the deferred off-contract period for less-than-12-month employees who are paid over 12 months. The built-in check ensures accurate calculation and posting of deferred contributions to member records.

  • Batch reporters may submit contract changes through the batch file upload process. VRS will then update any contract start dates not updated as part of the batch file upload through the automatic renewal process.

Notification of Unrenewed Contracts
  • myVRS will display a notification and an error message on the current month snapshot if you attempt to confirm prior to the automatic contract-renewal process. You have the option of waiting for the automatic contract renewal process to run, or checking an acknowledgement box on the Contract Changes tab (under Employment Changes in the current month snapshot).

    You may run the Unrenewed Contracts report available in the Report Repository for a listing of employees impacted. Should you choose to check the acknowledgement box and proceed with confirming the snapshot, you then must renew those individual contracts via a batch file or manual online process. The member's benefit could be impacted if the contract is not renewed on time.

For more information about contract renewals, refer to the Enrolling and Maintaining Contract Employees course available through the VRS University.

Request a Summary Report of Multiple Months

Employers have access to the GASB Report – Validation of Census Data in myVRS Navigator. The report contains the same information that is included in your monthly snapshot, such as enrollments and employment and salary changes. The employment information includes fields listing an employee's date of birth and gender. Data for the last 18-month period is available, and you can request a report for up to 12 months at a time. Your report, which runs overnight, becomes available the morning after you request it.

VRS recommends that you run this report monthly or quarterly to verify your data. The report is also useful for your annual audit.

July

First Business Day of the New Fiscal Year: July 3, 2017

July Snapshot

After confirming your June snapshot, you can submit enrollments and maintenance changes, upload files, process prior service, generate snapshots and complete all other routine processing for July. However, you cannot confirm the July snapshot until year-end processing is complete. VRS will alert you by email and with a message on the myVRS Navigator dashboard when to confirm your July snapshot.

Automatic Renewal Process Begins for Covered Contract Employees

At the start of each new fiscal year, contract information in myVRS Navigator must be updated for all returning VRS-covered contract employees.

  • Contract start date: automatically updated in myVRS Navigator.

  • VRS contract period and the number of months paid: update if terms have changed.

If you have not updated your employees' contract start dates for the new fiscal year, myVRS Navigator will advance the dates automatically by one year, 10 business days after the last off-contract monthly snapshot is confirmed.

How to Change a Contract in myVRS Navigator
  1. Open the employee's record.

  2. Select the Employment tab.

  3. Select the Job/Contract Change option.

  4. On the Employment Maintenance screen, provide employment type, job name and start date. If the new job is a contractual position (less than 12 months), you will enter the contract start date, the contract period and the number of months paid. If the position is 12 months, then proceed to the next step.

  5. Click the Save button. A dialog box will appear onscreen asking you to confirm your changes.

Batch reporters may submit contract changes through the batch file upload process. VRS will update any contract start dates not updated as part of the batch file upload through the automatic renewal process.

School division and higher education institution contacts (Snapshot Processors, Security Administrators and Employment Processors) will receive additional information on this process by email this month.

Merging Multiple Records for One Employee

From time to time, members may have more than one person record in myVRS Navigator because a Social Security number was incorrectly keyed into the system. Two step-by-step demonstrations – Merge Person Accounts and Social Security Number Correction – will walk you through the process of merging the records with the correct Social Security number so that only one record exists. You can find these demonstrations by searching for the Enroll and Maintain Employees course in the VRS University.

You also may refer to the Enroll and Maintain Employees section of the Employer Manual.

If an employee notifies you of a discrepancy in his or her member account, you can begin the correction process. If the two records were created by the same employer, you will be able to view both records before merging them. However, if a record was created by another employer, you will not be able to view that record until the accounts have been merged by VRS.

If you have questions, email employer-info@varetire.org or call 888-VARETIR (877-327-5261).

August

Recording Salary Changes for Hybrid Plan Members: Update Contribution Amounts Reported to Defined Contribution Component

As you update your employees' salary amounts in myVRS Navigator, ensure that the amounts withheld from payroll and the amounts reported to ICMA-RC for the defined contribution component of the Hybrid Retirement Plan also reflect these changes. Failure to ensure that all contributions are reported correctly could result in reconciliation issues.

Contributions for the defined contribution component are remitted to ICMA-RC, the defined contribution plans record keeper, through EZLink, based on your payroll schedule.

Contribution files can be created manually online or uploaded via a preformatted file. ICMA-RC recommends that employers with more than 20 hybrid members utilize the payroll file interface, or batch contribution process, to manage the contributions for both the Hybrid 401(a) Cash Match Plan and Hybrid 457 Deferred Compensation Plan.

If you need assistance with EZLink or have questions regarding the payroll file interface, please contact:

ICMA-RC Defined Contribution Employer Support Team at 877-327-5261 (select option 3), or via email at DefinedContributionsEmployerSupport@icmarc.org.

For more information and resources, view Hybrid Retirement Plan Payroll Information.

Back to top
View VRS Expenses Valid XHTML 1.0! Level A conformance icon, W3C-WAI Web Content Accessibility Guidelines 1.0
Translate (Disclaimer)