HJR 34: Joint Subcommittee to Study the Virginia Retirement System and Benefits for Public Safety Officials Injured in the Line of Duty

July 20, 2004
Richmond

During the joint subcommittee’s first meeting, Chairman Putney reviewed the charge of the joint subcommittee, as set forth in HJR 34, to:

• Examine the current benefit structure of the Virginia Retirement System (VRS);
• Review matters relating to funding, including amortization schedules, level and adequacy of funded ratios, and blending of contribution rates between and among retirement systems;
• Make recommendations to improve the Virginia Retirement System;
• Examine existing Virginia benefits and those provided by other states and the federal government to public safety officers who suffer severe and permanent disabilities as a result of catastrophic personal injuries incurred in the line of duty; and
• Consider such other related matters as the joint subcommittee deems appropriate.

An official from VRS then presented an overview of all the programs administered by the Virginia Retirement System. Following this presentation, a representative from the actuarial firm for VRS gave an overview of the funding of the retirement programs and the actuarial analysis involved. (View the details of both presentations under “Handouts” for this meeting on the website located at: http://dls.state.va.us/VRS.htm.)

Chairman Putney instructed staff from the Division of Legislative Services, the House Appropriations Committee, and the Senate Finance Committee to meet with officials from VRS to arrive at a proposed initial work plan for the joint subcommittee. When the work plan is approved, the members will be polled for the next meeting date, perhaps to be held in September.

Chairman:
The Hon. Lacey E. Putney

For information, contact:
David Rosenberg
Division of Legislative Services

Website:
http://dls.state.va.us/VRS.htm

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