2007 Session

Budget Amendments - HB1650 (Committee Approved)

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Enhanced Contribution Rate for LEOS Participants

Item 59 #2h

Item 59 #2h

First Year - FY2007 Second Year - FY2008
Compensation Board FY2007 $0 FY2008 $3,800,000 GF

Page 46, line 51, strike "$382,352,519" and insert "$386,152,519".
Page 50, after line 51, insert;
"L.1.  Included in the appropriation for this item is $3,800,000 the second year from the general fund for payments to counties, cities, regional jails, and regional jail authorities that provide to sheriff's deputies and officers, jail officers, and jail superintendents those benefits described under (i) § 51.1-138 B, Code of Virginia, (ii) §
51.1-217, Code of Virginia, or (iii) any system that offers comparable benefits.   A county, city, regional jail, or regional jail authority shall be eligible to receive payments if it provides such benefits as of May 1, 2008 not withstanding the provisions of § 4-6.03b.  The Compensation Board shall provide an enhanced retirement contribution rate of the lesser of either the localities rate as approved by the Virginia Retirement System or 7.77 percent, for each of the following positions approved by the Compensation Board and supported with state funds:  sheriff’s deputy and officer, jail officer, and jail superintendent.
2.  Any locality that has not yet elected to provide benefits described under the provisions of § 51.1-138 B, Code of Virginia, a county, city, regional jail, or regional jail authority shall have the option of providing retirement benefits to sheriff’s deputies and officers, jail officers, and jail superintendents pursuant to § 51.1-206, Code of Virginia (the State Police Officers Retirement System), or pursuant to benefits provided under § 51.1-217, Code of Virginia (the Virginia  Law Officers' Retirement System).3.  Any locality that elects to offer retirement benefits under the provisions of § 51.1-206, Code of Virginia, as stated in paragraph 2., may elect to offer the increased retirement multiplier included under Item 473.F. of this act."
Page 50, line 52, strike "L." and insert "M.".

(This amendment provides $3.8 million from the general fund in the second year to increase the maximum retirement contribution rate reimbursed by the compensation board from 5.74 percent to 7.77 percent for these specific positions if the locality, regional jail, or regional jail authority provides LEOS or LEOS equivalent benefits to these employees.)