We took part in a telephone press conference hosted by the Virginia Pension Protection Coalition featuring Edwards and others who say they want to protect the Virginia Retirement System (known as VRS).
Edwards is a long time proponent of education. With teachers making up the largest group that benefits from the VRS, he's taking a stand to protect them. He says under the current system state workers get just a little over half of their salary in their retirement years.
"It's not a huge retirement, but it is one at least they can rely upon. They know what they're going to get and they can plan. If we change to a defined contribution plan it's going to be a huge risk,” said Edwards.
He and other coalition leaders criticized Governor Bob McDonnell's VRS bill, saying it unfairly takes benefit money from state workers.
Northern Virginia Delegate Ken Plum said the bill would reduce the benefit by 10 percent.
"Gimmicks I would call them in order to avoid the real responsibility of the Commonwealth, which is to make sure VRS is properly funded,” said Edwards.
We checked on the claim that the bill would reduce it by 10 percent. A VRS spokeswoman told us they haven't been able to run the numbers on it yet, but we'll stay on them for that information.
She did send me this impact statement on the bill, which breaks down the savings to the Commonwealth, showing savings ten years later ranging from 159 million to 277 million.
The range of those savings depends on which portions of the bill get passed by the General Assembly.
Advertisement