Virginia Retirement Fund Not So Dire, Kimble Says

February 27, 2013 7:14 PM1 comment

Meeting recently with top officials of the Virginia Retirement System (VRS), Falls Church Schools’ Chief Financial Officer Hunter Kimble reported to the F.C. School Board at its work session Tuesday that despite an unfunded $29 million obligation on paper, the condition of the system is not as dire as some have suggested. The “good news,” he said, is that the system is 100 percent funded to provide benefits for current retirees, and its liability shortfall fell by $1.4 million since last summer. He also noted that two-thirds of the employee pool that will eventually tap the system are under 50 years old, and another 20 percent under age 60. So, there is time for the fund to recharge to meet those obligations, he suggested.

 

  • http://www.facebook.com/people/Mike-Smith/100002309640996 Mike Smith

    Pretty slick use of numbers. “100% funded to provide benefits to current retirees.” Just like Social Security. The unfunded benefits are not “on paper”, they are promises that need to be paid for unless the Schools figure out a way to stiff the future retirees.

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