2000 Session

Budget Amendments - SB29 (Committee Approved)

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Annual VRS Valuations (language only)

Item 567 #1s

Item 567 #1s

Independent Agencies
Virginia Retirement System

Page 482, following 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 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 July 1, 2000 for FY 2001 and November 1, 2000 for FY 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."

(This amendment requires the VRS Board of Trustees to conduct annual valuation studies and authorises the Board to adjust the employer retirement contribution rates for the 2000-2002 biennium based on the valuation sudy results. Companion amendments to Items 141, 142, 143 and 547 of SB 30 capture the estimated $109.5 million GF that will be saved in the 2000-2002 biennium as a result of this action. Savings will also accrue to local governments, local school boards, and agencies supported with non-general fund revenues.)