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
http://www.flickr.com/photos/dborman2/3258378233/

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.

NPR

Not My Job: Skier Mikaela Shiffrin Gets Quizzed On Downhill Cheese Races

If you think downhill ski racing is dangerous, then you've never seen the Gloucestershire Cheese Rolling Races, in which competitors hurl their bodies down a steep hill, chasing a wheel of cheese.
NPR

Spread Of Palm Oil Production Into Africa Threatens Great Apes

Palm oil growers are setting their sights on Africa as they amp up production. More than half of the land that's been set aside for plantations in Africa overlaps with ape habitats, researchers say.
WAMU 88.5

Democrats Push To Overturn Hobby Lobby Ruling

Virginia's Tim Kaine and other Democrats are trying to overturn the ruling with legislation they say will protect female workers.
NPR

Friday Feline Fun: A Ranking Of The Most Famous Internet Cats

Forget the Forbes Celebrity 100. This is the Friskies 50 — the new definitive guide of the most influential cats on the Internet. The list is based on a measure of the cats' social media reach.

Leave a Comment

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