2000 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Bolling
Valors Retirement for Deputy Sheriffs

Item 60 #1s

Item 60 #1s

First Year - FY2001 Second Year - FY2002
Compensation Board FY2001 $19,264,917 FY2002 $19,965,206 GF

Page 32, line 13, strike "$1,661,060" and insert "$20,925,977".
Page 32, line 13, strike "$1,663,593" and insert "$21,628,799".
Page 34, following line 29, insert:
"D.4.  Notwithstanding the provisions of paragraphs D.1. and D.3. of this item, the Compensation Board shall reimburse local governments that participate in the Virginia Retirement System for the employers' portion of the paid contribution for VaLORs retirement for Compensation Board funded deputy sheriffs based upon the salary set by the Compensation Board for the deputy sheriff.  This is based on the base Compensation Board salary multiplied times the VaLORs rate of 16.15 percent."

(This amendment authorizes the Compensation Board to reimburse localities for the cost of VaLORS retirement for Compensation Board approved salaries.)