Bill > HR9

This resolution directs the Joint Legislative Audit and Review Commission (JLARC), a state legislative oversight body, to conduct a two-year comprehensive study of the Virginia Retirement System's (VRS) retirement plans, specifically Plan 1, Plan 2, and the Hybrid Retirement Plan, which covers most active VRS members. The study will examine the adequacy of retirement benefits provided, how costs and risks are shared between employees and employers (including investment, longevity, and inflation risks), and how retirement plan design affects the state's ability to recruit and retain employees, particularly teachers, who are experiencing staffing challenges. JLARC will also identify policy options to improve retirement security, estimate their fiscal impacts, review other states' retirement plan structures, and assess what questions remain unresolved from previous studies, with technical assistance provided by the Virginia Retirement System, the Department of Human Resource Management, and the Department of Education. The findings and recommendations will be reported annually by November 30th, with the first report due by the start of the next Regular Session of the General Assembly.

https://lis.virginia.gov/bill-details/20261/HR9