Until recently Virginia state employees had a “no cost” retirement. While private sector workers saved state workers could retire while contributing nothing from 1983 till 2010. Over the last few years Virginia legislators voted to transfer 3.92 billion to the VRS system. This indicates a complete disregard for the taxpayers,especially those that fund their retirements through their own contributions.
Changes made for new hires are not going to be adequate. As the DOD cuts hit, you will need to make retroactive changes to the VRS. During the Regan years Congress abrogated the Social Security contract. They may raise the retirement age again soon.
According to Bureau of Labor Statistics, since 2002 government compensation has surged past those working in the private sector. The value of a defined benefit pension has soared as interest rates have dropped. Less than 11% of private sector workers get defined benefit retirement plans.
Our polling data shows 79.57% support.
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