Pension issue hits colleges
To the long list of those upset over the General Assembly’s pension reform bill, add public colleges and universities.
Some local governments and school boards don’t yet completely know how they will fund mandatory salary increases required by the state to cover increased employee contributions to the Virginia Retirement System.
Current and future state retirees wonder what the $24billion in unfunded liabilities mean for their long-term financial security.
And some of the state’s public colleges and universities, including Virginia Tech, worry that they will be asked to pay more than their fair share to shore up state pensions.
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