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the dollar.
Virginia’s original liability to all of thepensioners reached $411 million in refunds excluding interest. The settlement agreement calls for the state to pay out $314 million during a four-year period.
Had the state not reached a settlement agreement, the total payout would near $800 million. Including the original settlement and the $47.5 million in overpaid taxes and $30.5 million in interest now due the pensioners who opted out of the original settlement, the state’s total payout is about $400 million.
In separate press conferences on Friday,
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