Thursday, December 15, 2011

Governor Announces Historic VRS Funding Proposal

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.