WAMU 88.5 : News

Filed Under:

Va.'s Retirement System May Need Larger Share of Taxpayer Dollars

July 12, 2011
Play associated audio
comments

The VRS is the 22nd largest public or private pension fund in the U.S., and its diversified portfolio recently earned a return of 18.5 percent. Yet the fund is aging and is now paying out more than it's taking in.

Investment earnings fund two-thirds of the benefits, but Chief Investment Officer Charles Grant said long term gains will be volatile due to macroeconomics.

"We've had massive government policies to try to kickstart this economy. And the problem is the debt load. The problem is we still have too much debt, and we're still de-leveraging," says Grant. "And there's only so much the government can do to fix that."

Employer/employee contributions fund about one-third of the benefits. But while most states give an average of 3.8 percent of their budgets for pension contributions, Virginia's only contributes 1.6 percent of its total budget. VRS officials suggest that Virginia's trend of funding contribution rates below recommended levels will need to be reversed.

Arts & Culture

WAMU 88.5

Celebrate Hawaii At The Smithsonian This Weekend

Hawaii is thousands of miles from D.C., but this weekend you'll be to celebrate island arts and culture at the Smithsonian.

Food

NPR

A Seat At The Table With The 'Queen Of Creole Cuisine'

Leah Chase's restaurant in New Orleans has served the likes of Thurgood Marshall, Sarah Vaughn and Duke Ellington. Now the legendary chef has earned the Ella Brennan Lifetime Achievement in Hospitality Award. Host Michel Martin speaks with Chase about her latest accomplishment.

Politics

NPR

Why Former Gitmo Chief Left In Protest

President Obama is once again calling for the prison at Guantanamo Bay to be shut down, even though new polls suggest most Americans want it to stay open. But the chorus of critics has gained one surprising member: former Guantanamo Chief Prosecutor Morris Davis. Host Michel Martin talks with Davis about why he now feels the facility should be closed.

Technology

NPR

Viewers To Decide If Amazon's Sample Shows Make The Cut

Amazon is piloting 14 possible shows for its streaming video service. The audience will vote on which shows it likes best. TV critic Eric Deggans says the process and the shows would like to be breaking ground for a new media — but they aren't.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.