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|Source: The International Institute for Strategic Studies|
|New Mole Hill Easement|
in Rockingham County.
Photo from VCC website.
|GEICO Squealing Pig Memorial Bridge?|
The Joint Legislative and Audit Commission’s actuarial analysis indicates that a 60-year-old teacher making the average teacher salary will receive $9,129 less in annual benefit if they make the minimum required contribution and $874 less if they make the maximum contribution. In short, future teachers will pay more to get less.Senator Creigh Deeds explained in a recent email newsletter why he voted against the VRS bills -
I am concerned that we are imposing on local governments a mandate with an unknown cost. I asked pointed questions during the briefing about the effect of the plans on retirement benefits and about the cost to local governments and did not receive answers that quieted my concern. I am also concerned that we are providing a disincentive for people to work in public service. It is important that we not only maintain trust with those people who are already vested in VRS (and these bills do not affect those people who are vested), but that we provide an incentive for highly qualified and talented people to come to work in public service. The bottom line is that there were too many unanswered questions for me on all of these bills.Senator Deeds went on to state that the best way to restore VRS is to "simply pay into the system what the trustees propose" and what actuaries say is prudent.