Annual VRS Valuations (language only)

Item 566 #1h

Language
Page 384, after line 5, insert:
"C.  Consistent with common practice among large public employee retirement systems, the Board of Trustees of the Virginia Retirement System shall conduct 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.  Prior to November 1, 2000, for fiscal year 2002, the Board may make such changes in state and local employer retirement contribution rates for the 2000-2002 biennium as are warranted based on  such annual valuations."

Explanation
(This amendment requires the VRS Board of Trustees to conduct annual valuation studies and authorizes the Board to adjust the employer retirement contribution rates based on the valuation study results. Companion amendments to Items 141, 142, 143 and 547 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 non-general fund revenues.)