Northam Wants To Reduce Teacher Retirement Liabilities

If you’re a teacher in southwest Virginia listen up. Governor Ralph Northam is proposing a new way to help local school divisions by using millions of dollars in state cash to reduce retirement and health care liabilities for teachers. The revised budget, the Governor will present on Wednesday will propose to pay off more than 61 million dollars in debt the state incurred ten years ago when it deferred contributions to the teacher pension plan to help reduce the state budget after the Great Recession. The Governor will also use more than 38 million dollars in one time money to pay down unfunded liabilities for teacher and state employee retirement credits and other post employment benefits.