2002 Session

Budget Amendments - HB29 (Conference Report)

Executive Management Savings - Virginia College Savings Plan

Item 565.10 #1c

Item 565.10 #1c

First Year - FY2001 Second Year - FY2002
Independent Agencies
Virginia College Savings Plan FY2001 $0 FY2002 ($111,448) NGF

Page 454, after line 42, insert:
Authority:  Discretionary Inclusion
The reductions identified in this item shall derive only from savings in Item 564, Administrative and Support Services.  No reduction shall be made against Item 565, or in any manner directly impact the investments of current contract holders.  Savings identified in this item shall be used to reduce the cost of the program to current and future contract holders."

(This amendment reduces the administrative budget for the Virginia College Savings Plan by 3% the second year. Savings realized will go to reduce the cost of the program to contract holders.)