MyVRS Navigator Patricia S. Bishop, VRS Director Barry C. Faison, Chief Financial Officer Kathryn A....
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Transcript of MyVRS Navigator Patricia S. Bishop, VRS Director Barry C. Faison, Chief Financial Officer Kathryn A....
myVRS Navigator
Patricia S. Bishop, VRS DirectorBarry C. Faison, Chief Financial OfficerKathryn A. Quiriconi, Controller
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VRS Vision
“To be the trusted leader in the delivery of benefits and services
to those we serve.”
The VRS Vision sets our direction, guides our plans and actions
and serves as the foundation for our interactions with customers.
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VRS Vision for myVRS Navigator
• The VRS vision for myVRS Navigator:• Replace 20-year-old technology infrastructure• Automate tasks and streamline processes• Maintain superior customer service to a growing
population• Build on features of myVRS to provide online service
and tools for employers, members and retirees• Meet evolving customer expectations: individualized
approach, education, online transactions, 24-7 accessibility
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HR Actions Drive Pension Benefits
• Pensions are benefits:• Like other employee benefits, the value of the pension
benefits does not change simply as a result of payroll actions
• In the past, creditable compensation was reported by payroll and fluctuations in pay resulted in negative impacts on pension benefits
• Today, creditable compensation is derived from annual salary
• Pensions are affected by employment actions; this creates a new importance for HR departments
• myVRS Navigator is driven by HR actions, with data recorded in HR systems
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Three Systems, One Team
myVRSNavigator
CIPPS
PMIS
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myVRS Navigator
Launched in 2012 as part of VRS’ multi-year, multi-phase
Modernization:
• Gave employers immediate online access to member
information
• Required employers to report only new or changed
information
• Provided platform for enhanced services for employers and
members
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myVRS Navigator Next Phase
The next phase to launch in December 2015 is refunds processing:
• Reduce burden to employers by eliminating certification
• Allow employees to follow refund
• Distribution of refunds electronically to employees via ACH
credit
• Align with best practices in the financial industry
8
myVRS Navigator Next Phase
Additional releases planned for 2016 and 2017:
• New estimators and educational features available
• Enhanced member portal for self-service
• Retirement processing online
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In the Future for Members
Simulate benefit options
Apply for retirement or refund online
Enroll in optional benefits
View all VRS benefits in one place
Designate beneficiaries
Access educational
opportunities
Contact VRS via secure messageor email
Track the status of requests
Update address and other info
Receive alerts and
notices
myVRS NavigatorSupports
Legislative and GASB Changes
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myVRS Navigator and GASB Changes
• VRS developed and launched myVRS Navigator in 2012, before two major events: the Hybrid Retirement Plan and the changes in GASB standards
• myVRS Navigator enabled administration of the Hybrid Retirement Plan
• myVRS Navigator made GASB compliance possible, because of the greater detail in member reporting
• Every agency is audited for data in myVRS Navigator
• Reconciliation (DOA/VNAV/CIPPS) is done for you through a collaborative effort
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New GASB Standards
What Do the New Governmental Accounting Standards Board (GASB) Standards Mean for Employers?
• Each employer that issues financial statements now has to report retirement plan liabilities on the financial statements.
• This includes the Commonwealth of Virginia, some of the higher education institutions and independent agencies.
• Employers started reporting net liabilities for pension plans in their FY 2015 financial statements, using FY 2014 actuarial valuation data.
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New GASB Standards
Which employers are affected by the new GASB standards?• All state agencies audited for census data by the APA
– Employers who appear in Commonwealth’s Comprehensive Annual Financial Report (CAFR)
– Employers who publish their own CAFRs• More emphasis placed on census data
– Census data includes date of hire, separations, leave, gender, date of birth, contracted salary amount
– Foundation for liability calculations– Responsibility for data accuracy shifted to employers– Increased audit work at employers
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VRS Actions on GASB Changes
• Expanded availability of data in myVRS Navigator system– Developed report for employer to extract myVRS
Navigator data changes (hires, terminations, job changes, status changes, salary changes, etc.)
– Supplements monthly Snapshot reports• Prepared supplemental information for actuary
– Analysis of annual employer contribution revenue to identify variances from current contributions due
– Detailed report identifying components of change in plan assets between periods
– Report of employer contributions using current year creditable compensation for employer allocations
HR andmyVRS
Navigator
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VRS Employers
Employer Type Method of Reporting
Number of Employers
Number of Employees
State Agencies
PMIS 199 61,268
Batch 20 24,387
On-line 8 3,308
Total 227 88,963
School Divisions
Batch 22 91,232
On-line 123 57,965
Total 145 149,197
Political Subdivisions
Batch 44 43,764
On-line 544 62,616
Total 588 106,380
Grand Total 960 344,540
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Preparing for myVRS Navigator
• Conducted comprehensive review of the retirement processes
• Determined current information did not support efficient retirement processing
• Conducted best practice research • Developed a standard method to gather creditable
compensation and earned service data • Established a consistent relationship between creditable
compensation and earned service • Retirement should be an event, not a process
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Impact on myVRS Navigator
• Established system business rules– First business day of the month rule:
• Enrollment• Separations• Pay increases• Job changes• Leave of absence
– Service and creditable compensation earned over contract period
– Defining contract periods and length of contract– Job name determines the retirement benefit plan– Annual salary defines creditable compensation
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Reporting Member Data
• Two ways to report:– Online– Batch
• Enroll and maintain employees
• PMIS – VRS receives daily log file – Translates log file to batch format– myVRS Navigator makes assumptions when translating file– Role SOC code defines VRS job name – Multiple types of PMIS transactions with the same effective
date included in the batch update• Job name and pay increase entered simultaneously both
come across
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Three Systems, One Team
myVRSNavigator
CIPPS
PMIS
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Data Flow
PMIS
• Agency keys transactions into PMIS
• PMIS generates daily log file for VRS and DOA
Navigator
• Translates daily log file
• Load translated file
• Post transactions, or
• List on PMIS cancelled record report
Agency
• Reviews PMIS cancelled record report
• Updates VNAV or PMIS, if applicable
• Generate and confirm Snapshot
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Data Corrections
• Batch processing is for enrolling and maintaining members only
• Corrections must be made online– Changing a line of data previously reported– For example, the same type of transaction with the same
effective date, i.e.: • Salary change to $50,000 with effective date of 12/10
keyed into PMIS on 11/15 • After reviewing the PMIS transactions, agency realizes
a salary of $55,000 with an effective date of 12/10 should have been keyed instead
• The correction is made on 11/17 and will appear on the PMIS Cancelled Record Report
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Management Discretion
• “VRS acknowledges that you may implement management policies based on your business needs to be used in conjunction with these business rules.”– From: Understanding myVRS Navigator’s Calculations and Business Rules
• Events may need to be reported differently in myVRS Navigator than they are in PMIS to correctly administer the pension benefit– 24/7 facilities schedules may not align with 1st business
day of the month– Member terminated and unable to pay pre-tax
contributions cannot earn service credit, termination must be changed to last day of previous month
– Higher Ed contract start dates and contract length
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Ongoing Improvements
• Examples of recent improvements:– Political appointees– VaLORS/SPORS new hires– DJJ Role SOC Code
• Items under review for improvement:– Process multiple valid salary change reasons made on
the same day– Evaluate online interventions for salary increases of
more than 10%
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Contacting VRS
Employer Confirmation Unit:
Employer RepresentativeMarcia Edmonds
PhoneToll-free: 1-888-VARETIR
(827-3847), follow the prompts TDD: 1-804-289-5919
Websitewww.varetire.org/employers
(under the Employer tab)