WCAV-WVAW-WAHU | Charlottesville, Virginia | News

Public Employees Now Feeling Pension Fund Dilemma

April 1, 2012

The allure of a state government job was never great pay. It was benefits and pension packages usually superior to those offered for comparable work in the private sector.

Since the 2008 economic collapse, assumptions by private sector workers that sound retirement plans would guarantee their comfort and security in their autumn years have been shredded.

By the tens of thousands, Virginians who worked for big corporations and small businesses found themselves suddenly with reduced or eliminated pensions. Some lost jobs and health care, too.

Now some employees of the commonwealth and of its cities, counties and towns will feel the same pain thanks to an underfunded Virginia Retirement System and a General Assembly remedy for it that was hastily and, for the most part, privately cobbled together.

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