Retirement System; modifies retirement plans. (HB511)
Introduced By
Progress
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Introduced |
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Passed Committee |
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Passed House |
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Passed Senate |
☐ |
Signed by Governor |
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Became Law |
Description
Virginia Retirement System; retirement plans. Modifies the retirement plans administered by the Virginia Retirement System, including (i) having state employees pay a portion of their retirement contributions; (ii) for new state and local employees, increasing the minimum age for unreduced retirement allowance from 50 to 55, and reducing the maximum annual cost of living adjustments to retirement allowances; and (iii) permitting local employers to pay any portion of employees' share of retirement contributions (under current law local employers must pay all or none of such contributions). View Full Text »
Outcome
Bill Has Failed
View Bill's History
Comments
The provision "permitting local employers to pay any portion of employees' share of retirement contributions" will result in many local government employees being forced to take a pay cut to fund their retirement. Most, if not all, employees have gotten little to no COLA or pay raises the last tow years, and even in the good years their COLA's did not keep pace with inflation. Public SErvants don't expect to get rich, but they do sacrifice higher salaries for security and benefits. Let's not add this burden to them now.