Governor McDonnell has announced that his proposed biennial budget will recommend the largest employer contribution in history to VRS. The Governor’s proposed VRS rate for teachers is 11.6 % and his budget calls for employer contributions for teachers of $1.61 billion (state and local) ($605.6 million GF) for FY2013 and FY2014. In comparison, the total projected employer VRS contributions for teachers for the last biennium (FY2011 and FY2012) was $732.6 million. As the Governor’s press release points out, a "significant" portion of the $1.61 billion proposed by the Governor would be borne by localities.
Click here to read the Governor’s full press release.