On September 8, the Virginia Retirement System Board of Trustees approved proposed charter changes for their Defined Contribution Plans Advisory Committee (DCPAC). The changes will increase the committee from 7 to 9 by adding one school division and one local government representative with expertise in the administration of retirement benefits. The changes were initially recommended to VRS by a working group of VACo, VML and school division retirement experts.
The committee’s work is increasingly important to local governments and school divisions because the Hybrid Plan’s defined contribution component requires an enhanced level of coordination between VRS and local employers. The new local government committee members are expected to be selected in the coming months.
VACo Contact: Erik Johnston, CAE