Employer Update

The VRS plan actuary presented informational valuations to the VRS Board of Trustees last fall. The valuations, based on June 30, 2020, data, provide key information regarding political subdivisions’ pension and other post-employment benefit (OPEB) plans, their funded status and emerging trends in contribution rates.

VRS will email informational actuarial valuation reports for pensions and the health insurance credit to participating political subdivisions later this month. All other reports (for state, teachers, SPORS, VaLORS and JRS) will be posted to the employer website as they become available.

The valuation reports provide:

• Updated demographic information about plan participants.
• Locality-specific information about the contribution rates, featuring a breakdown of the components that make up the employer cost. This includes information on the employer’s normal cost rate, administrative expense, as well as the adjustment amount for amortizing the employer’s Unfunded Actuarial Accrued Liability.
• Other supporting information regarding the plan, including the current benefit structure and the actuarial assumptions used in the rate calculation.

The June 30, 2021, actuarial valuations will be presented to the board next fall and used to set contribution rates for the next biennium.

Bookmark this: Refer to the Financial Reporting page for resources and links that will assist you with financial reporting related to VRS-administered benefit plans. The page includes current contribution rates for state employees and teachers as well as OPEB contribution rates.