VRS creates new financial reporting Webpage

August 20, 2014

VRS

By Erik Johnston

The Virginia Retirement System’s (VRS) August Employer Update was recently released and includes an update for employers regarding Hybrid Plan Contribution Deductions and a Hybrid Plan Voluntary Contribution Tool Kit.

The update announces a “New Financial Reporting Webpage Resource Created for Employers.”

This article leads employers to a new section on the website where VRS will house Government Accounting Standards Board (GASB) information and other financial reporting information.

The section contains two basic areas or jumping off points for employer information:

The GASB resources page contains direct links to the GASB Standards, GASB Exposure Drafts, GASB implementation guides and tool kit as well as links to American Institute of CPAs (AICPA) white papers.

The VRS Guidelines and Resources page contains the VRS 2014 Year-End Financial Guidelines and the pension and Other Post-Employment Benefits (OPEB) contribution rates. The page also contains links to the Commonwealth of Virginia Auditor of Public accounts, with which VRS is coordinating compliance efforts.

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