2007 Session

Budget Amendments - HB1650 (Committee Approved)

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Funding for House Bill 1830

Item 461 #2h

Item 461 #2h

First Year - FY2007 Second Year - FY2008
Central Appropriations
Central Appropriations FY2007 $0 FY2008 $150,000 GF

Page 491, line 10, strike "$275,864,471" and insert "$276,014,471".
Page 492, line 43, after "requirements.", insert:
"Out of the amounts appropriated for Supplements to Employee Benefits,  $150,000 from the general fund the second year is appropriated for the estimated increase in participation in the Commonwealth's deferred compensation plan pursuant to House Bill 1830."

(This amendment provides $150,000 from the general fund in the second year to fund the impact of House Bill 1830. Under House Bill 1830 the deferred compensation plan offered to employees of the Commonwealth will become an opt- out program beginning January 1, 2008. New employees will automatically be enrolled in the program unless they opt out (choose not to participate) within the first 90 days of their employment. Under terms of the bill, if the employee does not actively choose to opt out of the program or select a contribution amount, the default will be for the employee to contribute $20 per pay period and the Commonwealth will provide a $10 per pay period match.)