Accounting & Payroll
**2024 W-2 Explanation now available** 👇
Defined Contributions for VRS Hybrid Members
Effective July 1, 2024
VRS is simplifying the way contributions are calculated and paid for the Hybrid Retirement Plan, beginning July 1, 2024. Employers will manage payroll withholding for the defined contribution component independently from the defined benefit component. The change follows legislation passed in 2022, with a delayed effective date to allow time for employers to update payroll systems and to make other required changes in how defined contributions are reported for hybrid plan members.
Additional news about your Virginia Retirement System Defined Contribution Plan (DCP)
The Virginia Retirement System has selected Voya Financial® (Voya) as the record keeper for your Defined Contribution Plan (DCP). To learn more, review this important notice from VRS.
Contact
Accounting Department
School Administration Building
1421 Kristina Way,
Chesapeake, VA, 23320.
757-547-0153
Email General Questions
Accounting Department: cpsaccounting@cpschool.com
Email Re:
Payroll: cpspayroll@cpschools.com
Kronos: kronos@cpschools.com