2002 Session

Budget Amendments - HB30 (Conference Report)

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VRS Rates for VaLORS, SPORS, and JRS

Item 503 #4c

Item 503 #4c

First Year - FY2003 Second Year - FY2004
Central Appropriations
Central Appropriations FY2003 $3,214,611 FY2004 $3,354,380 GF

Page 358, line 3, strike "($54,513,013)" and insert "($51,298,402)".
Page 358, line 3, strike "($30,768,632)" and insert "($27,414,252)".
Page 358, line 29 strike "$29,007,434" and insert "$25,792,823".
Page 359, line 11 strike "$30,268,632" and insert "$26,914,252".
Page 359, after line 16, insert:
"5. Nongeneral fund amounts estimated at $7,619,310 the first year, and $7,950,579 the second year, appropriated for the payment of Virginia Retirement System contributions, shall be transferred to the general fund pursuant to § 3-1.01 of this act representing savings from the application of actuarially calculated retirement contribution rates. Appropriated funds from federal sources are exempted from this transfer."

(This amendment modifies the contribution rates for the State Police Officers Retirement System, the Virginia Law Officers Retirement System, and the Judicial Retirement System as a result of applying the rates early (in fiscal year 2002). A companion amendment in Part 3 captures the nongeneral fund savings.)