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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.
VRS Employer Contribution Rates by Fiscal Year
| Retirement Program | Fiscal Years 2023 & 20241 |
|---|---|
| State Employees | 14.46% |
| Teachers | 16.62% |
| State Police Officers' Retirement System | 29.98% |
| Virginia Law Officers' Retirement System | 24.60% |
| Judicial Retirement System | 30.67% |
| Non-Professional School Board and Political Subdivision Employees | Varies by Employer1 |
1 VRS sends actuarial reports, including the retirement contribution rate and rates for the health insurance credit (if applicable), to all non-professional school board and political subdivision plans.
Other Post-Employment Benefits Contribution Rates by Fiscal Year
| Fiscal Years 2023 & 20241 |
||
|---|---|---|
| Group Life Insurance | Employee | 0.80% |
| Employer | 0.54% | |
| Total | 1.34% | |
| Health Insurance Credit | State Employees | 1.12% |
| Teachers | 1.21% | |
| Non-Professional School Board Members and Political Subdivision Employees | Varies by Employer1 | |
| Virginia Sickness and Disability Program (VSDP) | Covered Payroll | 0.61% |
| Virginia Local Disability Program (VLDP) | Teachers | 0.47% |
| Political Subdivision Employees | 0.85% | |
1 VRS sends actuarial reports, including the retirement contribution rate and rates for the health insurance credit (if applicable), to all non-professional school board and political subdivision plans.
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).