VIRGINIA RETIREMENT SYSTEM (VRS) PENSION PLANS

SCHEDULE OF EMPLOYER'S SHARE OF NET PENSION LIABILITY for the year ended June 30, 2015* (in thousands)
  VRS STATE EMPLOYEE
RETIREMENT PLAN
VaLORS RETIREMENT
PLAN
Employer's proportion of the net pension liability 8.12% 0.79%
Employer's proportionate share of the net pension liability $454,655 $5,294
Employer's covered-employee payroll $314,268 $3,088
Employer's proportionate share of the net pension liability as a percentage of its covered-employee payroll 144.67% 171.44%
Plan fiduciary net position as a percentage of the total pension liability 74.28% 63.05%
* The amounts presented have a measurement date of the previous fiscal year end.


SCHEDULE OF EMPLOYER CONTRIBUTIONS FOR THE YEAR ENDED JUNE 30, 2015 (in thousands)
PLAN CONTRACTUALLY
REQUIRED
CONTRIBUTION
CONTRIBUTIONS IN
RELATION TO
CONTRACTUALLY
REQUIRED
CONTRIBUTION
CONTRIBUTION
DEFICIENCY
EMPLOYER'S
COVERED EMPLOYEE
PAYROLL
CONTRIBUTIONS AS A
% OF COVERED
EMPLOYEE PAYROLL
VRS State Employee Retirement Plan $37,781 $37,781 $- $339,396 11.13%
VaLORS Retirement Plan $498 $498 $- $3,416 14.58%

NOTES TO VRS REQUIRED SUPPLEMENTARY INFORMATION

Changes of benefit terms — There have been no significant changes to the System benefit provisions since the prior actuarial valuation. A hybrid plan with changes to the defined benefit plan structure and a new defined contribution component were adopted in 2012. The hybrid plan applies to most new employees hired on or after January 1, 2014, and not covered by enhanced hazardous duty benefits.

The liabilities presented do not reflect the hybrid plan since it covers new members joining the System after the valuation date of June 30, 2013, and the impact on the liabilities as of the measurement date of June 30, 2014 are minimal.

Changes of assumptions — The following changes in actuarial assumptions were made for the VRS State Employee Retirement Plan effective June 30, 2013, based on the most recent experience study of the System for the four-year period ending June 30, 2012:

̶ Update mortality table
̶ Decrease in rates of service retirement
̶ Decrease in rates of withdrawals for less than ten years of service
̶ Decrease in rates of male disability retirement
̶ Reduce rates of salary increase by 0.25% per year

The following changes in actuarial assumptions were made for the VaLORS Retirement Plan effective June 30, 2013, based on the most recent experience study of the System for the four-year period ending June 30, 2012:

̶ Update mortality table
̶ Adjustments to the rates of service retirement
̶ Decrease in rates of withdrawals for females under ten years of service
̶ Increase in rates of disability
̶ Decrease service related disability rate from 60% to 50%