A last-minute overhaul proposed for the State of Virginia's $54 billion pension fund has received the wrath of local cities, employee groups and teachers, according to the Washington Times.
Benefits would be truncated and, beginning in 2014, the state would switch to a hybrid pension plan combined with a 401(k)-styled savings plan, all part of a proposal which has been passed by the General Assembly.
Virginia's pension system is currently running a $24 billion deficit. Critics, such as Delegate Jennifer McClellan of Richmond, not that the legislature has only funded the retirement system at a prescribed rate two times in the past two decades.
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