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2002 Session

Budget Amendments - SB30 (Conference Report)

Executive Management Savings - Virginia College Savings Plan

Item 526.10 #1c

Item 526.10 #1c

First Year - FY2003 Second Year - FY2004
Independent Agencies
Virginia College Savings Plan FY2003 ($260,045) FY2004 ($298,259) NGF

Language
Page 379, after line 37, 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 shall 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."


Explanation
(This amendment reduces the administrative budget for the Virginia College Savings Plan by seven percent the first year and eight percent the second year. Savings realized will go to reduce the cost of the program to contract holders.)