Retirement System; modifies retirement plans. (HB511)

Introduced By

Del. Bob Brink (D-Arlington)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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). Read the Bill »


Bill Has Failed


01/12/2010Prefiled and ordered printed; offered 01/13/10 10103834D
01/12/2010Referred to Committee on Appropriations
01/19/2010Assigned App. sub: Compensation and Retirement
01/28/2010Impact statement from VRS (HB511)
02/11/2010Subcommittee recommends no action
02/16/2010Left in Appropriations


Thomas Crouch writes:

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.