Virginia Retirement System’s defined benefit plan would be frozen as of July 1 and employees hired after that date would be placed in a new defined contribution plan under legislation before the Virginia General Assembly.
The new defined contribution plan would also be open to current state employees who want to switch from the Virginia DB plan, according to a bill sponsored by Delegate Harry R. Purkey. Mr. Purkey could not be reached by press time for comment.
Jeanne Chenault, spokeswoman for the $42 billion system, would not comment on the legislation. “We do not take positions on bills,” she said. “We provide information on bills.”
