2007 Session

Budget Amendments - HB1650 (Member Request)

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Chief Patron: Shuler
Increase Retirement Mutliplier for Teachers to 2.0 Percent

Item 461 #3h

Item 461 #3h

First Year - FY2007 Second Year - FY2008
Central Appropriations
Central Appropriations FY2007 $0 FY2008 $72,109,000 GF

Page 491, line 10, strike "$275,864,471" and insert "$347,973,471".
Page 499, after line 23, insert:
"R. Out of amounts for Supplements to Employee Benefits a total of $72,109,000 from the general fund in the second year shall be provided to fund the impact of the increase in the retirement benefits provided to teachers from increasing the service retirement allowance pursuant to House Bill 1637 of the 2007 General Assembly."

(This amendment provides $72.1 million from the general fund in the second year to fund the impact of House Bill 1637 which as introduced increases the multiplier for retired teachers with more than 10 years of creditable service from 1.7 to 2.0 percent of their average final compensation times years of service.)