> VRS To Mail Contribution Rates to Employers

VRS To Mail Contribution Rates to Employers

RICHMOND, April 17 – In April, the Virginia Retirement System (VRS) will mail a letter to all employers confirming the contribution rates for state employees, public school teachers and localities adjusted for funding by the 2008 General Assembly. The contribution rates become effective July 1, 2008.

State Employee and Teacher Contribution Rates
	Funded Rates
Retirement*
State Employees	6.23%
State Police	20.05%
Virginia Law Officers (State Only)	14.23%
Judges	34.51%
Teachers	8.81%
Health Insurance Credit
State Employees	1.18%
Teachers	1.08%
Group Life Insurance
All Employers (0.49% employee, 0.33% employer)	0.82%
Virginia Sickness and Disability Plan (VSDP)
State Employees Only	1.94%

* The retirement rates do not include the 5.00% member contribution.

Employers who elect to provide benefits to their employees through VRS pay the retirement system a contribution rate based on their covered payroll. This amount, along with investment earnings and employee contributions, funds the future benefits of covered employees.