2002 Session

Budget Amendments - HB30 (Committee Approved)

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VRS 10-Year Amortization

Item 511 #12h

Item 511 #12h

First Year - FY2003 Second Year - FY2004
Central Appropriations
Central Appropriations FY2003 ($19,704,861) FY2004 ($20,802,079) GF

Page 364, line 49, strike "$44,644,486" and insert "$24,939,625".
Page 364, line 49, strike "$70,241,747" and insert "$49,439,668".
Page 368, after line 52, insert:
"J.  The Director of the Department of Planning and Budget shall withhold from agency appropriations and transfer to this item an amount estimated at $19,704,861 the first year and $20,802,079 the second year for statewide reductions in employer retirement contribution rates resulting from the separation of the excess gains for actuarial valuation purposes from the state employee and teacher funds as required by Item 527 of this act."

(This amendment captures savings from the 10-year amortization of unrecognized gains in the state employee and teacher retirement systems. A companion amendment applies these savings to a salary increase for state employees, state-supported local employees, and teachers.)