2000 Session

Budget Amendments - HB30 (Committee Approved)

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Deferred Comp Plan

Item 549 #2h

Item 549 #2h

First Year - FY2001 Second Year - FY2002
Central Appropriations
Central Appropriations FY2001 $5,000,000 FY2002 $5,000,000 GF

Page 377, line 15, strike "$11,140,628" and insert "$16,140,628".
Page 377, line 15, strike "$11,140,628" and insert "$16,140,628".
Page 377, line 25, after "1.", insert:
"Effective July 1, 2000, the maximum cash match provided to eligible employees shall not be less than $20.00 per pay period, or $40.00 per month.  However, if the Board of Trustees of the Virginia Retirement System determines that the amount of match should be greater, they are authorized to increase the amount above the $20.00 per pay period or $40.00 per month. "
Page 377, strike lines 42 through 44 and insert:
Employees who are otherwise eligible but whose 403 (b) provider does not participate in the cash match program by establishing a 401(a) account are ineligible to receive a cash match.”
Page 377,  lines 45 and 46, strike "by the Virginia Retirement System."
Page 377, line 48, strike "§ 51.1-116" and insert "§ 51.1-124.30 (c.)".

(This amendment provides additional funding in order to provide a $20 per pay period cash match to employees that participate in the deferred compensation plan.)