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McDonnell signs Virginia Retirement System changes into law

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RICHMOND, Va. (WTVR) – Governor Bob McDonnell signed into law sweeping changes to the Virginia Retirement System Tuesday.

The changes include reduced pension benefits for employees with less than five years of service, and an entirely different type of retirement plan for state and local employees hired after Jan. 1, 2014.

The governor signed one version of the legislation, while proposing more than a dozen amendments to a second bill.

As a result, the changes will become law, regardless of how the General Assembly acts on those proposed amendments.