RICHMOND, Va. (AP) - In a story Feb. 19 about Petersburg’s finances, The Associated Press reported erroneously that the city alone owed $4.5 million to its employee retirement fund and when the dollar figures were updated. The city owes $2.7 million; the city’s school system owes the other roughly $1.9 million. The totals were as of Feb. 9, not Sept. 1.
A corrected version of the story is below:
Petersburg behind on payments for employee retirement
State officials say the cash-strapped city of Petersburg and its school system are more than $4.5 million behind in payments for its employees’ retirement fund
RICHMOND, Va. (AP) - State officials say the cash-strapped city of Petersburg and its school system are more than $4.5 million behind in payments for their employees’ retirement fund.
Virginia Retirement System Director Patricia S. Bishop recently sent a letter to legislative leaders saying Petersburg and its schools owed VRS $4.5 million as of Feb. 9, with about $3.6 million more than 60 days past due.
The city owes around $2.7 million and the school system around $1.9 million.
Bishop said no other political subdivisions were more than 60 days behind in payments.
Petersburg’s financial troubles have been long-running and the city council recently voted to raise a variety of taxes to fill a $12 million budget gap. A spokesman for the city says it has worked out a payment plan for the retirement fund money.
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