RICHMOND, Va. (AP) — State employees would pay more into their underfunded pension plan if the Virginia General Assembly approves a proposal by Gov. Bob McDonnell.
McDonnell on Thursday proposed increasing employee contributions from 5 percent to 6 percent of their salary, with the increase phased in over two years. The governor previously announced a record $2.2 billion employer contribution to the Virginia Retirement System, which has nearly $20 billion in unfunded liabilities.
The governor said state employees must take on more of the load if the plan is to remain solvent.
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