It’s been just over a year since VRS switched to Voya as its defined contribution plan record keeper. Here are some helpful tips to make your work go smoothly as you process contributions and payrolls.
You will complete a contribution submission file in Voya’s Sponsor Web or submit a batch contribution file each time you run payroll.
Refer to the Payroll section of the DCP Resource Center for VRS Employers to find instructions for submitting payments to Voya. There you’ll find a step-by-step guide for updating payroll deferrals, processing contributions and making payments to VRS defined contribution plans.
Voya offers Plan Administration Resources to help guide you through the process, including:
- Sponsor Web User Guide
- Voya PayCloud Manual
- Remittance Instructions ACH Credit and Wire
- Voya PayCloud Deferral/Feedback File Guide
- Using Forfeiture Money Guide
Submitting contributions in a timely manner ensures that funds are invested for the member’s benefit. If contributions are delayed, an employee’s investment earnings may be affected, and penalties may be assessed against the employer.
To avoid delays, be aware of these common – and easily prevented – errors:
- Submitting an ACH credit or wire that does not match the total amount in the contribution file.
- Including a negative contribution in a file to correct an erroneous amount that posted more than 14 business days earlier, and/or not depositing sufficient funds in the employee’s account to cover the negative amounts.
- Not including required data fields in the contribution file.
Questions?
- Email dcpersupport@voya.com.
- Call the Employer Support Center at 844-570-1482.
