2007 Session

Budget Amendments - HB1650 (Committee Approved)

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Retiree Health Care Credit from $2.50/mo. up to $4.00/mo.

Item 135 #11h

Item 135 #11h

First Year - FY2007 Second Year - FY2008
Education: Elementary and Secondary
Direct Aid To Public Education FY2007 $0 FY2008 $5,654,885 GF

Page 131, line 19, strike "$6,004,522,879" and insert "$6,010,177,764".
Page 132, line 25, strike "$228,971,328" and insert "$234,626,213".

(This amendment provides $5.7 million the second year from the general fund to increase the retiree health care monthly credit amount from $2.50 up to $4.00 per month for every year of creditable service into the Virginia Retirement System with an effective date of January 1, 2008. There is no cap on the years of services that teachers can earn for the retiree health care credit. This amendment supports House Bill 2370 that was amended and passed by the House and is currently in the Senate for consideration.)