RICHMOND
The stateʼs $51 billion retirement system is on course for a 24 percent loss in investments this budget year, a state official said today.
It may become necessary to ask the state and local governments to increase retirement contributions should the recession continue next year, Robert Schultze, director of the Virginia Retirement System, told the House Finance Committee.
More than 596,000 current and former state and local employees belong to VRS.
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VRS Losses
State and local governments will be asked to contribute more money? Where will that come from? Who's setting up the money printing press and changing the Virginia Constitution to allow for deficit spending?
Maybe I should try that
Ask the state and local govs to increase their contributions? Maybe I should try that with my employer, my 401k lost over 32%.