posted Feb 22, 2010, 5:26 AM by Unknown user
Source: Chap Pertersen 34th District Blog
With a few days left before our Senate budget is presented, all eyes are
on the Virginia Retirement System (or "VRS"), which holds the pensions
for hundreds of thousands of state and local employees.
The VRS has a
current value of $48B, which is roughly 80% of its value from fall 2007
when the stock market was at its zenith. Currenlty, the state and
localities make about $1.1B a year in contributions to VRS. That's a
significant share of our state budget.