Retirees will have to return money after VRS mistake
Officials said 120,000 state retirees have been getting more money than they should have.
Officials said 120,000 state retirees have been getting more money than they should have.
Investigating how using retirees in the school system not only hurts Virginia Retirement System, but also stifles job possibilities in a tough economy.
The changes include reduced pension benefits for employees with less than five years of service.
Governor McDonnell will make a decision about reforming the system on April 18th.
A $24 billion unfunded liability for the pension fund is the reason for the sweeping reforms.
Some folks are not happy about some changes coming to the Virginia Retirement System. Others, however, say the changes are long overdue.
The Governor’s plan would increase the amount of money some state workers pay towards the VRS by 1 percent over the next two years.