Virginia Gov. Bob Allen's administration is studying whether to set up a defined contribution system to complement the $22 billion Virginia Retirement System, Richmond.
Robert W. Lauterberg, state director of planning and budget, initiated the study last week, according to his assistant, Doug Blais.
A preliminary outline calls for state employees to choose whether to shift to a new defined contribution plan or stay in the current system.
VRS Executive Director William H. Leighty said VRS trustees intend to discuss the matter at the Aug. 15 board meeting.
Mr. Lauterberg did not return calls seeking comment.
