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Virginia cuts contribution
Virginia state lawmakers approved legislation that would retroactively cut the state's contribution to the $40 billion Virginia Retirement System by about $200 million in the fiscal year ending June 30.
The legislation would cut the state's contribution to 4.24% of pay for teachers and state employees, down from 5.22%. The provision almost certainly is going to be part of the state budget package lawmakers hope to present to the governor before adjourning Feb. 24.
Edwin T. Burton III, chairman of the pension fund, said he has had informal discussions with the state's attorney general about suing the state should the legislation become law. As a state agency, the retirement system cannot use an outside lawyer so the fund could be left hanging if the attorney general refuses to sue the state.
Lucent layoff uses pensions
Lucent Technologies will use pension fund assets to finance some of the severance…
Source: HighBeam Research, At Deadline.(various briefs)(Brief Article)(Statistical Data Included)