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2008 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Shuler
HB 484 - Increase Retirement Multiplier for Teachers

Item 472 #2h

Item 472 #2h

First Year - FY2009 Second Year - FY2010
Procedures for Prepayment of Civil Penalties in an Executive Order
Central Appropriations FY2009 $126,342,000 FY2010 $131,396,000 GF

Language
Page 421, line 46, strike "$23,190,703" and insert "$149,532,703".
Page 421, line 46, strike "$141,605,634" and insert "$273,001,634".


Explanation
(This amendment requests $126.3 million the first year and $131.4 million the second year from the general fund pursuant to House Bill 484, which increases the retirement multiplier for teachers with 10 or more years of creditable service from 1.7 percent to 2.0 percent per year of creditable service.)