Virginia Pension Outlook Improves

Date: November 15, 2017

Related Content: Analysis Economy Virginia


Thanks to strong investment returns and pension reforms, Virginia’s state-funded retirement plans have decreased their unfunded long-term liabilities by $1.1 billion in the past year, the Richmond Times-Dispatch reported recently.

In 2010, Virginia was forced to defer its required pension contributions in 2010 in order to balance the budget during the recession. However, since then, Gov. McAuliffe and the General Assembly made a concerted effort to make full payments to the fund as well as to repay the obligations that were previously deferred. In 2012, the General Assembly and then-Gov. Bob McDonnell enacted reforms that required the state to fully fund its share of the contribution rates by mid-2018, but Virginia met the goal early for both state employees and teachers.

With funding status improved, there will be less pressure on the state budget as well.


Related Content: Analysis | Economy | Virginia

Subscribe For Free News And Tips

Enter your email to get FREE small business insights. Learn more

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

Or call us today

© 2001 - 2019 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy