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Posted at 2:11 PM ET, 12/20/2010

McDonnell tells FOX Business his proposal will help shore up state pension system

By Anita Kumar
Anita Kumar

Gov. Bob McDonnell (R) told Fox Business Network on Monday that his plan to have state employees begin making annual five percent contributions to the state's retirement fund will not fix the pension problem, but it will help shore up the state's troubled system.

To offset the employee contributions, McDonnell has said he wants to give employees a three percent raise, but the net affect could still be a two percent cut in employee pay after four years of salary freezes.

"It might get us to 75 or 80 percent funded over the next decade or so but not to 100 percent," McDonnell told host Stuart Varney. "So we still have work to do, but it reverses the decline and gets us on a road toward solvency."

By Anita Kumar  | December 20, 2010; 2:11 PM ET
Categories:  Anita Kumar, Robert F. McDonnell  
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