RD414 - Executive Summary of the 2020 Interim Activity and Work of the Commission on Employee Retirement Security and Pension Reform

    Executive Summary:

    Pursuant to Chapter 59 (§ 30-371 et seq.) of Title 30 of the Code of Virginia, the Commission on Employee Retirement Security and Pension Reform (the Commission) is charged with studying, reporting, and making recommendations relating to the financial soundness of retirement plans covering state and local government employees including the Virginia Retirement System (§ 51.1-124.1 et seq.), retirement benefits pursuant to § 51.1-138, the hybrid retirement program under § 51.1-169, the State Police Officers' Retirement System (§ 51.1-200 et seq.), the Virginia Law Officers' Retirement System (§ 51.1-211 et seq.), and the Judicial Retirement System (§ 51.1-300 et seq.); the suitability of retirement plans offered or maintained for current state and local government employees and the attributes of retirement plans that will be suitable for future employees; the impact on state and local governments of the anticipated retirement of experienced employees between 2016 and 2026 and strategies for replacing such employees; and the elements of compensation and benefits packages that are essential to attracting and retaining a highly productive state and local government workforce.

    The Commission consists of 21 members, including 12 legislative members, seven non-legislative members, and two state officials.

    The Commission did not meet during the 2020 interim, and expired on July 1, 2021.

    The Commission submits this executive summary of its 2020 activities as its annual report.