Employer Update

At its October 14 meeting, the VRS Board of Trustees will certify to the governor and the General Assembly fiscal year 2023 and 2024 contribution rates for the following:

• State employee plan.
• Teacher plan.
• State Police Officers’ Retirement System (SPORS).
• Virginia Law Officers’ Retirement System (VaLORS).
• Judicial Retirement System.
• Other post-employment benefit plans, including group life insurance, the health insurance credit and the Virginia Sickness and Disability Program.

October: Contribution rates are based on a rate-setting actuarial valuation done every two years. Funding for the statewide plans is subject to the state budgeting process.

Following the October board meeting, VRS will update the contribution rates page on the employer website. Rates could undergo further revision following the 2022 General Assembly session.

November: The VRS board will certify contribution rates for the political subdivision plans, the Virginia Local Disability Program (VLDP) and the Line of Duty Act (LODA). In late January 2022, VRS will send actuarial reports, including the retirement contribution rate, to all political subdivisions, along with rates for the health insurance credit, if applicable. Employer contribution rates provided for non-professional school board and political subdivision plans, including VLDP and the health insurance credit for political subdivisions, are final once certified by the VRS board.

December: The governor will present his fiscal year 2023-2024 budget, including a recommendation regarding the funding of the VRS-certified contribution rates for statewide plans and other post-employment benefits.

Spring 2022: Final VRS contribution rates will be available at the conclusion of the General Assembly session next spring.