Category: Pension

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Actuarial Valuations: Political Subdivision Plans’ Funded Status Held Steady in FY 2024

December 2024

The aggregate funded status for all plans rose to 89% as of June 30, up a percentage point from the previous year.

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VRS Statewide Plans See Modest Uptick in Funded Status

November 2024

Informational valuation shows modest progress reducing unfunded liabilities for statewide pension and OPEB plans.

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VRS Sets Rates for Localities, VLDP and Line of Duty Act

December 2023

Overall, the defined benefit rate will increase less than 1% for most political subdivision employers based on 2023 valuations.

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Key Steps to Prepare for Hybrid Plan Rate Separation

November 2023

Act now to make sure your budgeting, payroll and reporting processes are ready for rate separation.

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Board Certifies FY 2025-2026 Rates for Statewide Plans and OPEBs

November 2023

The funded status of the five statewide retirement plans remains stable, and some contribution rates will decrease.

Text saying contribution rates next to a photo of the torso of a woman wearing a suit carrying two binders with labels reading state and OPEB.

Preview: VRS Board to Certify Contribution Rates This Fall

October 2023

The VRS board will certify FY 2025-2026 rates for statewide retirement plans and other post-employment benefit plans.

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Planning Ahead for SECURE 2.0

July 2023

VRS is reviewing how new federal legislation may affect payroll processes, business rules and overall plan administration.

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Start Planning for Separation of Hybrid Plan Employer Rates in 2024

April 2023

VRS will simplify how Hybrid Retirement Plan contributions are calculated and paid, beginning July 1, 2024.

A flat single-color graphic of the United States Capitol building dome is on the right with large text saying Secure 2 point oh act on the left.

Secure 2.0 Act Brings Changes to Retirement Plan Administration

April 2023

One big change under the Secure Act 2.0 is an increase in the required minimum distribution age from 72 to 73.