RICHMOND – Building on the important reforms to the Virginia Retirement System (VRS) which passed the General Assembly during the 2010 and 2011 Sessions, Governor Bob McDonnell announced today that his proposed biennial budget will recommend a total of $2.21 billion in employer contributions to state employee and teacher funds by state and local governments – the largest employer contribution to VRS in history.
There is no argument – small businesses are the economic engine of America. More than 90 percent of all American employers are small businesses and they generate approximately 70 percent of the new jobs created in the United States each year. Small businesses account for a significant majority of new product ideas and innovation and yet they are being bombarded with costly new government regulations, which are hampering the overall growth of our economy. It is estimated that the cost of regulatory burdens from new regulations this year alone is over $67 billion.