Tag: virginia retirement system

mark herring

Herring announces record settlement of mortgage-backed bank securities case

Virginia has recovered more than $63 million from 11 banks to settle allegations that the banks misled VRS through the sale of misrepresented securities.

House Speaker Bill Howell announces re-election campaign

Virginia House of Delegate Speaker and 28th District Delegate William J. Howell (R-Stafford) announced his campaign for re-election to the House of Delegates in an online web video Thursday.

dickie bell

Dickie Bell statement on budget vote

The Virginia General Assembly passed the state’s two-year budget late Thursday, sending the budget to the desk of Governor Terry McAuliffe for final approval.

terry mcauliffe

Gov. Terry McAuliffe statement on House GOP rejection of budget proposal

Gov. Terry McAuliffe released the following statement today following a vote by the House Appropriations Committee to “pass by indefinitely” his introduced budget, which closes the health care coverage gap and invests in Virginia state employees, teachers, sheriffs, first responders and a host of other core priorities:

democrats republicans

Virginia Democrats: Republicans have no excuses left

Today, after Gov. Terry McAuliffe proposed his biennial budget that used $225 million of savings from accepting federal funds to close the coverage gap to provide a 2% pay increase for state employees, investments in the Virginia Retirement System, and Line of Duty funding, House Republicans can’t even get their ducks in a row to pass a joint resolution to move forward with the budget.

mark herring

Attorney General Herring appoints panel to identify reforms, efficiencies in office

Attorney General Mark Herring announced the creation of a three-member review panel charged with identifying reforms and efficiencies within the Office of the Attorney General that advance his priority of delivering high-quality, timely, and cost-effective legal work to the people of Virginia and their state government.

Jennifer McClellan: General Assembly session preview

Last month, Gov. Bob McDonnell unveiled his two-year budget for Fiscal Years 2015 and 2016. The governor presented the budgets in a speech to the Joint Money Committees of the General Assembly.

Moody’s: Virginia pension reforms ‘credit-positive’

Moody’s Investor Services issued its Weekly Credit Outlook briefing today highlighting Gov. Bob McDonnell’s efforts to reform and strengthen the Virginia Retirement System. The bond-rating agency found the recently passed reforms to be “credit positive” and noted that Virginia estimates that its reforms, “lower total unfunded liabilities for state and local employee plans by nearly […]

Chris Graham: A catastrophe in the making

That’s how I’m describing the budget-wrangling in Richmond that will effectively reduce state spending on K-12 education in Virginia. The moves – forced by Gov. Bob McDonnell’s push on funding for the Virginia Retirement System for public-sector employees – are forcing the hands of local decision-makers. Local government, of course, is where the rubber hits […]

McDonnell announces VRS plan

Gov. Bob McDonnell announced on Thursday the second half of his 2012 legislative reform initiatives to address the long-term unfunded liabilities in the Virginia Retirement System. If adopted by the General Assembly, Gov. McDonnell’s recommended actions would inject over $5.8 billion in new money or savings into VRS in the next 21 years. The governor […]

McDonnell announces $2B investment in VRS

Gov. Bob McDonnell announced today that his proposed biennial budget will recommend a total of $2.21 billion in employer contributions to state employee and teacher funds by state and local governments – the largest employer contribution to VRS in history. The recommended employer contribution for state employees alone for FY2013/2014 is a record $596.9 million. […]

Armstrong: Virginia’s retirees need McDonnell to lead

Last year Gov. McDonnell had the opportunity to introduce an honest budget that funded state government without borrowing or mortgaging the future. Instead he punted and balanced the budget with tricks and gimmicks such as underfunding the Virginia Retirement System and promising to make up the cost down the road. Last week, the costs of […]