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The tables below include employer contribution rates for VRS retirement plans and other post-employment benefits by fiscal year. Certified by the VRS Board of Trustees, contribution rates are based on a rate-setting actuarial valuation done every two years. Funding for the statewide plans is subject to the state budgeting process. Employer contribution rates provided for non-professional school board and political subdivision plans, including the Virginia Local Disability Program (VLDP) and health insurance credit (HIC) for political subdivisions, are final once certified by the VRS board.
NOTE
The FY 2025-2026 board-certified employer contribution rates include only the defined benefit contribution rate. Previously, employer contribution rates included the defined benefit contribution rate and an estimate of the voluntary defined contributions for Hybrid Retirement Plan members. On July 1, 2024, VRS will separate the defined benefit and defined contribution rates for reporting purposes.
VRS Employer Contribution Rates by Fiscal Year
| Retirement Program | FY 2023-2024 | FY 2025-2026
Defined Benefit Rate *
|
|---|---|---|
| State Employees | 14.46% | 12.52% |
| Teachers | 16.62% | 14.21% |
| State Police Officers' Retirement System | 29.98% | 31.32% |
| Virginia Law Officers' Retirement System | 24.60% | 22.81% |
| Judicial Retirement System | 30.67% | 30.66% |
| Non-Professional School Board and Political Subdivision Employees | Varies by Employer | |
* Pending State Budget Approval
Other Post-Employment Benefits Contribution Rates by Fiscal Year
| FY 2023-2024 | FY 2025-2026 | ||
|---|---|---|---|
| Group Life Insurance | Employee | 0.80% | 0.71% |
| Employer | 0.54% | 0.47% | |
| Total | 1.34% | 1.18% | |
| Health Insurance Credit | State Employees | 1.12% | 0.90% |
| Teachers | 1.21% | 1.03% | |
| Non-Professional School Board Members and Political Subdivision Employees | Varies by Employer | ||
| Virginia Sickness and Disability Program (VSDP) | Covered Payroll | 0.61% | 0.50% |
| Virginia Local Disability Program (VLDP) | Teachers | 0.47% | 0.45% |
| Political Subdivision Employees | 0.85% | 0.74% | |
Valuation Reports
VRS provides actuarial valuation reports to help employers establish required contribution levels and disclose plan assets and actuarial liabilities that are used to determine the funded status of the retirement plan, and to provide supporting information regarding the plan's operation. The reports are also a resource for complying with Governmental Accounting Standards Board Statements No. 43 and No. 45, which require actuarial valuations of retirees' other post-employment benefits (OPEB).