2006 Session

Budget Amendments - SB30 (Committee Approved)

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Amortization Period for the Virginia Retirement System

Item 461 #9s

Item 461 #9s

First Year - FY2007 Second Year - FY2008
Central Appropriations
Central Appropriations FY2007 $5,576,040 FY2008 $5,818,468 GF

Page 396, line 1, strike "$124,835,526" and insert "$130,411,566".
Page 396, line 1, strike "$172,094,188" and insert "$177,912,656".
Page 401, line 17, following "of", strike "30" and insert "26"

(This amendment reduces the amortization period for the calculation of retirement rates from the thirty years recommended in SB 30, as introduced to twenty-six years. The VRS Board of Trustees had adopted rates based on a 21 year amortization period. A companion amendment to Direct Aid for Public Education makes the same change for teacher retirement.)