2000 Session

Budget Amendments - HB29 (Conference Report)

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Annual VRS Valuations (language only)

Item 567 #1c

Item 567 #1c

Independent Agencies
Virginia Retirement System

Page 482, after line 50, insert:
"G.  Consistent with common practice among large public employee retirement systems, the Board of Trustees of the Virginia Retirement System shall conduct, prior to July 1, 2000, for fiscal year 2001, annual valuation studies of the Virginia Retirement System, the State Police Officers Retirement System, the Virginia Law Officers Retirement System, and the Judicial Retirement System.  In determining the employer contribution rates for the 2000-02 biennium, the Board shall use the period ending June 30, 1999, as the valuation date of assets.  In addition, the Board shall use the same cost assumptions, amortization period and methodologies as was used in initially setting the contribution rates."

(This amendment requires the VRS Board of Trustees to conduct annual valuation studies and authorizes the Board to adjust the employer retirement contribution rates for the 2000-2002 biennium based on the valuation study results. Companion amendments to Items 141, 142, 143 and 547 of House Bill 30 capture the estimated $113.1 million general fund that will be saved in the 2000-2002 biennium as a result of this action. Savings will also accrue to local school boards and agencies supported with nongeneral fund revenues.)