1999 Session

Budget Amendments - SB800 (Conference Report)

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Harper Rate Reduction (language only)

Item 4-6.03 #3c

Item 4-6.03 #3c

Positions and Employment
Employee Benefits

Page 546, after line 33, insert:
"g. Nothwithstanding any contrary provision of law, the Board of Trustees of the Virginia Retirement System is authorized to reduce the employer contribution rate to be paid by local school boards for public school teachers into the Virginia Retirement System by 0.48% to reflect the elimination of the three percent benefit adjustment as provided for in Chapter 674, 1998 Acts of Assembly."

(This amendment authorizes the Virginia Retirement System Board of Trustees to reduce the retirement contribution rates for school teachers to reflect the elimination of the 3 percent adjustment as provided for in House Bill 36 of the 1998 General Assembly.)