2006 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Putney
Deferred Compensation Cash Match

Item 461 #9h

Item 461 #9h

First Year - FY2007 Second Year - FY2008
Central Appropriations
Central Appropriations FY2007 $1,441,800 FY2008 $1,441,800 GF

Page 396, line 1, strike "$124,835,526" and insert "$126,277,326".
Page 396, line 1, strike "$172,094,188" and insert "$173,535,988".
Page 397, strike line 26 through line 31.
Page 397, after line 31, insert:
"1.  Notwithstanding the provisions of §51.1-609(B), Code of Virginia, the cash match provided to eligible employees shall not exceed the lesser of $20.00 per pay period, $40.000 per month, or 100 percent of the participants voluntary contribution.  The Governor may direct the agencies of the Commonwealth to utilize funds contained within their existing appropriations to meet these requirements."

(This amendment provides $2,500,000 the first and second year from the general fund to provide a dollar-for-dollar employer cash match to state employees' contributions to the deferred compensation program. The maximum employer cash match will remain at $20.00 per pay period or $40.00 per month.)