VRS 80 Years Celebration & Overview

33 Appropriation Act Maintains Prior Contribution Rates V Virginia Retirement RS System Teacher Plan Appropriation Act Rates FY 23/24 VRS Board Certified Appropriation Act 14.46% Rates FY 23/24 14.78% Rates FY 23/24 16.62% State Plan VRS Board Certified Rates FY 23/24 14.13% ■ Requires $32 million in additional ☐ contributions: " $13.9 million General Fund $18.1 million Non-General Fund ■ Lowers Unfunded Liability by nearly $34 million over two years ■ Lowers future rates annually by approximately 5 basis points. • Approximately $48 million in additional savings over next 15 years Requires $345 million in additional contributions: ⚫ $138 million General Fund • $207 million Non-General Fund ■ Lowers Unfunded Liability by nearly $382 million over two years ■ Lowers future rates annually by approximately 30 basis points. Approximately $500 million in additional savings over next 15 years

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