2004 Special Session I

Budget Amendments - HB5001 (Committee Approved)

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VRS Employer Contribution Rates (language only)

Item 499 #1h

Item 499 #1h

Central Appropriations
Central Appropriations

Page 367, line 37, insert:
"State Police Retirement System, Virginia Law Officers' Retirement System, and the Judicial Retirement System".
Page 367, line 38, strike "Virginia Retirement System".
Page 367, line 39, after "rates.", insert:
"The savings for the Virginia Retirement System state employee system represent a 23-year amortization period for the assets and liabilities in determining employer contribution rates."

(This amendment establishes the amortization period for the state employee retirement system at 23 years as recommended by the VRS actuary certified by the VRS Board of Trustees.)