VRS 80 Years Celebration & Overview
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Appropriation Act - Cash Infusions
The Appropriation Act provides over $1 billion to reduce
unfunded liabilities of state pension and OPEB plans.
$750 million appropriation in June 2022
Estimated cost savings of $1.4 billion over next 20 years
■ $250 million contingent appropriation in June 2023*
Estimated cost savings of $509 million over next 20 years
RS
$80.4 million appropriation in total for State HIC plans paid in two
installments (June 2023 and June 2024)
Estimated cost savings of $99 million over next 20 years
Virginia
Retirement
System
* Allocation of contingent $250 million appropriation has not been set forth in the Act. Savings estimate
assumes the contingent $250 million will be allocated in similar fashion to the $750 million appropriation.View entire presentation