Executive Management Savings - Virginia Retirement System

Item 529.10 #1s

Language
Page 381, following line 27
Page 50, following line 39, insert:
"524.10 Executive Management (71300)..................($260,045)      ($298,259)
Savings from Management Actions (71301).................... ($260,045)      ($298,259)
Fund Sources: Trust and Agency....................($260,045)       ($298,259)
Authority:  Discretionary Inclusion"

Explanation
(This amendment reduces the administrative budget for the Virginia Retirement System by 7% the first year and 8% the second year. A companion amendment to Item 506 reduces agency general fund retirement contributions to reflect these administrative savings. )