No. Only VRS Defined Contribution Plans are moving to Voya. Decentralized employers who sponsor plans, records kept by MissionSquare and not associated with VRS, will not transition to Voya.
Yes, plan numbers will be different as listed below:
Plan Name | MissionSquare Plan # | Voya Plan # |
---|---|---|
Hybrid 401(a) Cash Match Plan | 108043 | 626621 |
Hybrid 457 Deferred Compensation Plan | 307059 | 626622 |
Optional Retirement Plan for Higher Education (ORPHE) | 108732 | 626623 |
Optional Retirement Plan for Political Appointees (ORPPA) | 108040 | 626624 |
Optional Retirement Plan for School Superintendents (ORPSS) | 108041 | 626625 |
Virginia Supplemental Retirement Plan (VSRP) | 108042 | 626626 |
Commonwealth of Virginia 457 Deferred Compensation Plan | 307042 | 626627 |
Virginia Cash Match Plan | 108039 | 626628 |
Yes. You can review the employer transition site and watch for updates at dcpemployers.varetire.org.
You can contact Voya DCP Employer Support with any questions about the employer data gathering site by:
- Phone: 844-570-1482 weekdays from 8:30 a.m. to 5 p.m., ET
- Email: DCPERSupport@voya.com
- Training will be held in December 2024 through January 2025. Multiple sessions are now available for you to register for payroll system training with Voya Financial.
- An email will be sent to notify employer payroll teams when and where to sign up for training. Anyone listed as an employer contact will be invited to training.
Please call or email the Voya DCP Employer Support Team at 844-570-1482 or DCPERSupport@voya.com.
The Voya PayCloud user guide will be provided on the employer transition site.
Multiple training sessions are available now and will be recorded for future reference.
- How to log in.
- How to navigate into the system.
- How to upload a file.
- How to use the system.
- Who to contact for specific issues.
- How to troubleshoot.
- Frequently asked questions.
Registration emails to create a user name and password to access the payroll system are not sent until the end of December due to the timing of the conversion.
If you needs to request access or are unsure if you are on the list, then you should contact the ER support team by calling or emailing the Voya DCP Employer Support Team at 844-570-1482 or DCPERSupport@voya.com.
Training begins early December and more information will be shared. Recordings and pdfs will be available for reference.
Voya will have the ACH Credit and Wire instructions uploaded to the transition website the week of October 14.
- If you indicated in your payroll data submission that you will use a batch file with Voya, Voya will send an email with details by October 16.
- If you have not let Voya know that you wish to use a batch file, please call or email the Voya DCP Employer Support Team at 844-570-1482 or DCPERSupport@voya.com.
Information will be sent via email by October 16.
Yes, Voya will provide a copy of the new layout by October 28. This report is referred to as a feedback file in Voya's Sponsor Web tool.
You must submit your contribution file by 1 p.m. on December 24, 2024. MissionSquare needs to receive funding on or before 4 p.m. December 31. Files must be in good order by these deadlines.
For centralized state employers reporting through Cardinal, Voya is working directly with DOA on the timing of the final 2024 contribution file to MissionSquare.
Files should be sent/uploaded at Voya as soon as possible on or after January 6, 2025.
Sponsor Web training will be held December 2024 through January 2025.
Yes. Watch for email updates with details on when and where to sign up for training.
Yes, Voya will establish initial access for Security Administrators as designated in myVRS Navigator. From there, Security Administrators can coordinate with Voya to establish additional access for other payroll and HR contacts.
Please call or email the Voya DCP Employer Support Team at 844-570-1482 or DCPERSupport@voya.com.
- How to log in.
- How to navigate in the system.
- How to run generic reports.
- How to use the system.
- Who to contact for specific issues.
- How to troubleshoot.
- Frequently asked questions.
Registration emails to create a user name and password to access the system are not sent until the end of December due to the timing of the conversion.
If you need to request access or are unsure if you are on the list, then you should contact the ER support team by calling or emailing the Voya DCP Employer Support Team at 844-570-1482 or DCPERSupport@voya.com.
Training begins early December and more information will be shared. Recordings and pdfs will be available for reference.
When is the last quarterly cycle?
- December 16 at 4 p.m. is the last day employees can make voluntary contribution changes in the Hybrid Retirement Plan at MissionSquare to be effective in January. This is the current quarterly deadline. These changes will be reflected in the last Hybrid Deferral Change report from MissionSquare.
- Participants will not be able to make changes after December 16 and will have to wait until after January 6 to request a change with Voya. Changes made by 4 p.m. on January 31 will be effective in February.
When will the next change cycle be?
- After January, voluntary contribution changes should be processed on a monthly cycle. The Deferral Change report (Feedback File in Voya's system) will be available on the first business day of the month for changes requested in the previous month. Changes should be included in the first available pay period of the month. For example, if your normal pay dates are the 1st and the 15th of the month, the 15th would be the first available pay date and is when changes should be reflected.
Do retro-collections need to be done if Hybrid plan employees change their contribution
- No. Changes should be processed the first available pay period after receipt of the changes and do not need to be backdated.
- Contribution rate
- Investments and investment elections, including the Schwab Personal Choice Retirement Account® (Self-Directed Brokerage Account)
- Vesting (if applicable)
- Employer match (if applicable)
- SmartStep election (if applicable)
- Beneficiary designations
- Distribution options
- Existing account balance(s) will remain invested, and participant contributions will automatically continue without interruption.
Remind employees to take time now to confirm, add, or update their contact information in their DCP account, including their mobile phone number, email address, and beneficiaries. When naming or updating beneficiaries through DCP Account Access, remind employees to also make updates to their VRS accounts in myVRS (for defined benefit and life insurance). Address information can be updated in myVRS for most DCP participants. Ensuring employees account detail are up to date helps secure their online accounts and ensures that transition-related communications reach them.
Two different participant flyers and an email template will be available on the employer transition site at dcpemployers.varetire.org the week of October 21. The standard flyer will point your participants to register for Voya's general education sessions online. If you are hosting an employer-specific participant education meeting onsite, there will be a customizable flyer for you to use. The customizable flyer will allow you to add meeting information. When the documents are available on the website, you will receive an email with links to these materials and instructions for filling out the customizable flyer.
Employees will be able to access past statements and tax documents through 06/30/2025 at accountaccess.missionsq.org.
After the transition, participants will log into their accounts at dcp.varetire.org to access current information and process transactions. To access historical account information, like statements and tax forms, participants will log into MissionSquare's website at accountaccess.missionsq.org. This will be communicated in an upcoming statement and will be posted to the transition website: dcp.varetire.org/transition.
Yes. Online meetings will be available beginning in late October. Employers may direct their participants to the transition website at dcp.varetire.org/transition to register for a meeting that is convenient for them.
If you would like to schedule an onsite meeting specifically for your employees, contact the DCP Plan Coordinator, DaJon Johnson at DaJon.Johnson@voya.com.
Yes. Transition-related materials, updates, and webinars will be available on the transition website dcp.varetire.org/transition the week of October 21.