VA HR9

Directs the Joint Legislative Audit and Review Commission (JLARC) to conduct a comprehensive study of Virginia Retirement System plans (Plan 1, Plan 2, and Hybrid Retirement Plan), focusing on benefit adequacy, equity, and workforce impacts

Requires evaluation of retirement benefits relative to employee contributions, career patterns, and income replacement benchmarks, as well as assessment of how costs and risks are allocated between employees and employers

Mandates analysis of how retirement plan design affects workforce recruitment and retention, particularly for teachers facing persistent staffing challenges

Requires identification of policy options to improve retirement security, including rebalancing costs between employees and employers, with fiscal impact estimates for the Commonwealth and participating employers

JLARC must complete meetings by November 30, 2026 (first year) and November 30, 2027 (second year), with executive summaries submitted at the start of each subsequent General Assembly session