2006 Special Session I

Budget Amendments - HB5002 (Conference Report)

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Amortization Period for the Virginia Retirement System

Item 461 #8c

Item 461 #8c

First Year - FY2007 Second Year - FY2008
Central Appropriations
Central Appropriations FY2007 $0 FY2008 $9,755,458 GF

Page 396, line 1, strike "$172,094,188" and insert "$181,849,646".
Page 401, line 17, after "years", insert:
"the first year and 21 years the second year."
Page 401 line 17, after "years" strike "For each year, the".
Page 401 strike line 18 through line 25.
Page 401, line 28, strike "$22,061,706" and insert "$31,817,164".

(This amendment reduces the amortization period for the calculation of retirement rates from the thirty years recommended in the budget as introduced to twenty-one years in fiscal year 2008. 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.)