Informational Actuarial Valuations Help With Budgeting

March 2023

A man sitting at a desk writing on a piece of paper. In front of him on the desk are two stacks of cash and an open laptop computer. To the left of the image is text which reads budget help.

With planning underway for fiscal year 2024 budgets, state employers and school divisions should bookmark employers.varetire.org/rates as a VRS data resource. The page offers easy access to VRS board-certified contribution rates for retirement and other post-employment benefits.

The informational valuations VRS will email this quarter to participating political subdivisions include:

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 information includes 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 about the plan, including the current benefit structure and the actuarial assumptions used in the rate calculation.