Virginia is facing a big bill for failing to fully fund pensions for state employees and teachers — an estimated $160 million in each year of the two-year budget that the General Assembly and next governor will adopt in 2014.

And that’s just to fund 80 percent of the contributions the Virginia Retirement System says the state should make to ensure the pension system can pay long-term liabilities for state workers and teachers

The stakes are high for Virginia, which underfunded state and teacher pensions by $236 million in the budget year that ended June 30, based on the actuarial rates adopted by the VRS board of trustees two years ago.

The deepest damage to the retirement system was done in the previous biennium, when the state funded about one-third of the recommended contribution rates to avoid layoffs and major cuts in state services during the recession and slow recovery.

Under the new accounting standard, almost $15.2 billion in unfunded teacher pension liabilities would have to be divided among local school divisions and the governments that fund them. The change would result in an estimated new liability of almost $544 million in Chesterfield County and $507.4 million in Henrico County.

*****************************************************************************


– VRS EMPLOYER RANKING
CURRENT YEAR
AS OF JUNE 30, 2012
Active Percentage
Employer Employees of Total
1. Fairfax County Schools - Professional Employees 20,592 6.02%
2. Virginia Beach City Schools - Professional Employees 8,295 2.43%
3. Prince William County Schools - Professional Employees 7,864 2.30%
4. Loudoun County Schools - Professional Employees 7,523 2.20%
5. Chesterfield County Schools - Professional Employees 5,938 1.74%
6. City of Virginia Beach - General Government 5,923 1.73%
7. University of Virginia - Academic Division 5,283 1.55%
8. Henrico County Schools - Professional Employees 5,117 1.50%
9. Henrico County - General Government 4,886 1.43%
10. Norfolk City Schools - Professional Employees 4,718 1.38%
********************************************************************

So, if Henrico County Schools is 1.5% and FCPS is 6%, FCPS would owe FOUR times what Henrico's liabilty is--which is $2 BILLION!!

Anyone else ready to move out of Fairfax County?

We blame the Democrats. *Ahem*

Connolly's fault.




Channel 8 News Lies!

so how important is foreign language immersion? IEP's for everyone? smartboards in every classroom? how high should the real estate tax go to pay for all this and the VRS?

who will pay this? Wrote:
-------------------------------------------------------
> The deepest damage to the retirement system was done in the previous
> biennium, when the state funded about one-third of the recommended
> contribution rates to avoid layoffs and major cuts in state services during
> the recession and slow recovery.

That was on McDonnell's watch. He must look to Gilmore as an inspiration. Any surprises?

> Anyone else ready to move out of Fairfax County?

Not before my kid finishes school....

Democrats: tax and spend

Republicans: borrow and spend

Any questions?

And I suppose you prefer he shit can all those teachers instead? You'd have been screaming bloody murder.

Unions will bankrupt every organization saddled with one. Fact.

Do I have to come back and tell you people what to do? Raise taxes that always worked for me.

So, FCPS owes TWO BILLION?

big woop.

I believe in the last budget, they set aside $30 million in reserves for VRS.

So they're a little short on cash.

I thought teachers do it for the children and not the money......

Jimmy Hoffa Wrote:
-------------------------------------------------------
> Unions will bankrupt every organization saddled
> with one. Fact.

I'm a Liberal, but I agree.

My own hometown was destroyed by unions. The workers got screwed when the jobs left. The town got screwed when the mines and factories closed. The government got screwed when the ludicrous pensions were unfunded.

I think the Union Reps did pretty well, though.

Crossing Lines... Wrote:
-------------------------------------------------------
> Jimmy Hoffa Wrote:
> --------------------------------------------------
> -----
> > Unions will bankrupt every organization saddled
> > with one. Fact.
>
> I'm a Liberal, but I agree.
>
> My own hometown was destroyed by unions. The
> workers got screwed when the jobs left. The town
> got screwed when the mines and factories closed.
> The government got screwed when the ludicrous
> pensions were unfunded.
>
> I think the Union Reps did pretty well, though.


Always do.

The only guy who I've ever seen beat them at that game is Terry McAuliffe.

Solve it just like the private sector. Get together with the unions and let them decide whether the shortages should be funded by past, present, or future employees, or some combination of each.

They will scream none-of-the-above, of course, and then FCPS can go to court and have a solution imposed.

Alternatives Wrote:
-------------------------------------------------------
> Solve it just like the private sector. Get
> together with the unions and let them decide
> whether the shortages should be funded by past,
> present, or future employees, or some combination
> of each.
>
> They will scream none-of-the-above, of course, and
> then FCPS can go to court and have a solution
> imposed.


Or just wait until it's clear that there's no way in hell you can ever pay all that and then default like most others will end up doing eventually.