VRS 80 Years Celebration & Overview
Employer Contribution Rates and
Funding Requirements for Statewide Plans
RS
Virginia
Retirement
System
Plan
Fiscal Year 2021 Fiscal Year 2022
Fiscal Year 2023
Fiscal Year 2023
Appropriation Act
14.46%
State
14.46%
14.46%
14.13%
SPORS
26.33%
26.33%
29.98%
29.98%
VaLORS
21.90%
21.90%
24.60%
24.60%
JRS
29.84%
29.84%
30.67%
30.67%
Teachers
16.62%
16.62%
14.76%
16.62%
Total Estimated Employer Contributions
$2,238,472,000
$2,351,408,000
$2,233,507,000
$2,426,173,000
General Fund
$977,577,000 $1,027,328,000
$990,033,000
$1,067,437,000
Non-General Fund
$1,260,895,000
$1,324,080,000
$1,243,474,000
$1,358,736,000
49
Estimated funding for FY 2022 is based on actual FY 2021 payroll with increases as outlined in the 2022
Appropriation Act. Estimated funding for FY 2023 is based on estimated FY 2022 payroll projected forward with
plan assumptions. Actual funding will be based on payrolls in effect at time of billing.
Maintaining higher rates would collect an additional $345 million for the Teacher plan over the biennium which
could increase funded status by nearly 70 basis points and lower unfunded liabilities by nearly $382 million
without increasing budget.
Maintaining higher rates would collect an additional $32 million for the State plan over the biennium which could
increase funded status by nearly 15 basis points and lower unfunded liabilities by nearly $34 million without
increasing budget.View entire presentation