Newly-minted House conferee Del. S. Chris Jones took to the floor of the House of Delegates to explain how the House wants to change the Virginia Retirement System for state workers.
Both the House and Senate are avoiding some deepest budget cuts in their spending plans by tinkering with how the state funds retirement money for state employees. Gov. Timothy M. Kaine proposed limiting the amount the state pays on retirement for future employees.
The House and Senate both saved some money underfunding retirement over the next few years under the expectation that they would dump more cash into the program in the near future to make up for it. The details are tough for the average person to digest - its a little bit wonkish to say the least - but Jones does a pretty good job breaking down the different approaches enough for regular folks to figure out what state legislators want to get done.
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