1 / 21

Virginia Retirement System Update Virginia Executive Institute Alumni Association

Virginia Retirement System Update Virginia Executive Institute Alumni Association. June 7, 2012 Patricia Bishop, VRS Deputy Director. Agenda. System Overview Pension Reform Legislative Overview. System Overview. VRS Total Membership. As of December 31, 2011. Active Members. Retirees.

ian-willis
Download Presentation

Virginia Retirement System Update Virginia Executive Institute Alumni Association

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Virginia Retirement System Update Virginia Executive Institute Alumni Association June 7, 2012 Patricia Bishop, VRS Deputy Director

  2. Agenda • System Overview • Pension Reform • Legislative Overview

  3. System Overview

  4. VRS Total Membership As of December 31, 2011

  5. Active Members

  6. Retirees

  7. Benefit Comparison Information obtained from the June 30, 2011 Actuarial Valuation.

  8. Net Assets Available for VRS Benefits

  9. Funded Status: State Employee Retirement Plan

  10. Reasons for Decline in Funded Status • Decline in funded status: • Two recessions since 2000, producing investment gains below actuarial assumptions • More conservative estimates of long-term future investment gains: • Pre-2005: 8.0% • 2005 – 2009: 7.5% • 2010 – Present: 7.0% • Long-term trend (since mid-90s) of funding contribution rates below board certified rates

  11. VA Retirement System Liabilities Unfunded Liabilities by Plan * Note: Total may not add up due to rounding.

  12. Pension Reform Initiatives

  13. Pension Reform Efforts in VA

  14. 2012 General AssemblySummary

  15. 2012 Legislation Employee Contributions Effective July 1, 2012

  16. 2012 Legislation HB 1130/SB 498 (Howell/Watkins)

  17. 2012 Legislation HB 1130/SB 498 (Howell/Watkins)

  18. Contributions in the Hybrid Plan * Indicates the employer required match if the employee elects to make optional contributions.

  19. Estimated Income Replacement Ratio Age 67 with 37 Years of Service Age 60 with 30 Years of Service

  20. Estimated Income Replacement Ratio Age 60 with 30 Years of Service Age 67 with 37 Years of Service

  21. Thank you!

More Related