RICHMOND, VA. — The stock market collapse and prospects for a slow recovery will likely force state and local governments and the people who work for them to pay more into Virginia’s public retirement system, officials said Monday.

Virginia Retirement System officials told a legislative oversight committee that stark losses in the value of its portfolio of assets will mean increased contributions, leaner benefits for some active employees and an older retirement age.

“Under any scenario, VRS will be asking for higher contribution rates in the next biennium,” VRS director Robert Schultze told the Joint Legislative Audit and Review Commission.

Read the entire story here:  Higher contributions, stingier benefits, older retirement age likely for Va. retirement system | Washington Examiner.