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Friday, July 01, 2011

McDonnell Says Part of Surplus Will Go to Virginia Retirement System

Gov. Bob McDonnell said Thursday that a portion of the state's expected budget surplus will be used to pay money back into the Virginia Retirement System.

He has estimated the state will have a budget surplus for the fiscal year that ended Thursday of at least $200 million.

To balance the budget, the General Assembly withheld $620 million in contributions to the pension fund. McDonnell said he wants to speed up the repayment.

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