VIRGINIA: EMPLOYEE DEDUCTION MASTERS REPORT FOR VRS-RET PLAN IDENTIFICATIONS

A report has been created for OpenRDA’s Virginia customers in conjunction with the VRS Hybrid Retirement??Plan effective January 1, 2014. It is recommended that this report be run monthly (but no less than quarterly as that is when employees are allowed to change percentages). For deductions to select, the first seven characters of the Plan Identification (in the deduction description identification masters) must be VRS RET. The VRS Actuarial Rate (that is effective for the period) must be entered on the range screen. Warnings will display on the report when the total employer percentages exceed the actuarial rate; and when the total employee contributions for the Defined Benefit (DB) and Defined Contributions (DC) plans exceed 9 percent. Additionally, warnings will be given when the employer match for voluntary contributions (DC Plan) are not the required percentage. Range on Retirement Plan identification if different deductions are maintained for the professional and non-professional group.
This report is accessed from Other on Payroll’s Resource Bar: Virginia State Reports, VRS Reporting.