Virginia’s state-funded retirement plans have lowered their unfunded long-term liabilities by $1.1 billion over the past year, driven by a combination of robust investment returns and the early payoff of five years of pension reforms.
The Virginia Retirement System board of trustees is expected on Thursday to certify new retirement contribution rates for state employee and teacher pensions in the upcoming biennium that are roughly the same or lower than the rates currently being paid by the state and local school systems.
The result will be less pressure on the new biennial budget that Gov. Terry McAuliffe will introduce in December and the General Assembly will act on early next year, but with improved long-term funding of pension plans for teachers and state employees, including state police, other law officers and judges.
