McDonnell Calls For $2.21B In Contributions For State Pensions | WAMU 88.5 - American University Radio

WAMU 88.5 : News

Filed Under:

McDonnell Calls For $2.21B In Contributions For State Pensions

Play associated audio

Virginia governor Bob McDonnell is calling for the largest employer contributions to the state's pension system in history. McDonnell says his biennial budget proposal will recommend a total of $2.2 billion in employer contributions to the Virginia Retirement System, which is currently said to be underfunded by $20 billion.

The governor says the system is underfunded -- a situation that threatens its long-term solvency. During the recession -- Virginia's general assembly dramatically lowered the required contribution rates for employers such as school districts.

Fairfax County Public Schools Superintendent Jack Dale says the Governor's proposal makes sense, and fortunately the county has a reserve fund of $60 million dollars set aside because they knew this day was coming

"We're probably okay for one year, but we'll then have to look at the consequences of this decision in subsequent years -- it's still probably the right thing to do in terms of fiscal stability for the retirement system," says Dale.

The reserve fund means school district and county leaders won't have to ask the taxpayers to help pay for the higher pension contribution rate, but that could change after this year.


Curb Your Appetite: Save Bread For The End Of The Meal

A hot bread basket is a tasty way to start off dinner. But all those carbs before the main fare can amp up appetite and spike blood sugar. Saving the carbs for the end of the meal can help avert that.

Why You Should Thank A Caterpillar For Your Mustard And Wasabi

Eons ago, cabbage butterfly larvae and the plants they eat began an evolutionary arms race. The result: "mustard oil bombs" that give the plants, and condiments we make from them, distinctive flavors.

California Legislature Passes 'Mandatory' Vaccine Bill, Sends It To The Governor

Children who have specific medical problems, like immune system deficiencies, would be exempt from vaccinations as long as they have confirmation from their doctor.
WAMU 88.5

Pop Culture Trends in Video Gaming

More women on screen and more exploration are among the trends in video gaming this year. Tech Tuesday explores how pop culture and new technology are changing the gaming experience.

Leave a Comment

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