Post by Logan on Feb 19, 2016 1:49:56 GMT -6
The House Appropriations Committee will propose to pay off pension contributions that were deferred six years ago during a budget crisis and use the savings to finance a raise for state employees of more than 2 percent in the first year of the pending two-year budget.
Appropriations Chairman S. Chris Jones, R-Suffolk, confirmed Thursday that the budget the committee will release on Sunday will include a raise in the first year, rather than the second, as Gov. Terry McAuliffe proposed in December.
He said the money for the raise would come in part from about $88 million in total savings from the early payoff of a deferred debt on state employee pensions. Those savings reflect both money from the state general fund and non-general fund sources such as higher education.
“We’re going to reinvest the savings back into our workforce,” the chairman said in an interview.
Read more: www.richmond.com/news/virginia/government-politics/article_d79bbfda-9e81-53b9-92b7-99cfe2b4e598.html
Appropriations Chairman S. Chris Jones, R-Suffolk, confirmed Thursday that the budget the committee will release on Sunday will include a raise in the first year, rather than the second, as Gov. Terry McAuliffe proposed in December.
He said the money for the raise would come in part from about $88 million in total savings from the early payoff of a deferred debt on state employee pensions. Those savings reflect both money from the state general fund and non-general fund sources such as higher education.
“We’re going to reinvest the savings back into our workforce,” the chairman said in an interview.
Read more: www.richmond.com/news/virginia/government-politics/article_d79bbfda-9e81-53b9-92b7-99cfe2b4e598.html