Monday, January 17, 2011

VRS Legislation from the Democrats

Friday we examined the Virginia Retirement System (VRS) legislation from the Republican side of the aisle. Today, let’s look at the bills from the Democratic legislators.

HJ 649 from Delegate Plum directs the Joint Legislative Audit and Review Commission to study the Virginia Retirement System to determine whether the General Assembly is complying with its Constitutional obligation to fund the Virginia Retirement System using methods that are consistent with generally accepted actuarial principles.

HJ 680 from Delegate Englin proposes a Constitutional amendment requiring that contributions to defined benefit retirement plans that are maintained for state employees and employees of participating political subdivisions and school divisions be made in strict adherence with contribution rates and times for the payment of the contributions as recommended by the Board of Trustees of the Virginia Retirement System (VRS).

The contrast between what is proposed by the two parties is sharp.

Tomorrow, I’ll post your lobbyists take on where we stand on VRS legislation.