VRS Business Expenses (language only)

Item 567 #2h

Language
Page 335, after line 3, insert "A.".
Page 335, after line 11, insert:
"B.  Out of the amounts appropriated to this item, the Director is authorized to expend an amount not to exceed $25,000 in the first year and $25,000 in the second year for expenses commonly borne by business.  Such expenses shall be recorded separately by the agency."

Explanation
(This amendment restores language in House Bill 30 authorizing of the Director or the Virginia Retirement System to expend funds for expenses commonly borne by business. Because of international travel and the high cost of living while traveling to review and monitor investments, this authority is necessary.)