2009 Session

Budget Amendments - HB1600 (Committee Approved)

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VRS Contribution Rates for Local Governments (language only)

Item 485 #1h

Item 485 #1h

Independent Agencies
Virginia Retirement System

Page 534, strike lines 53 through 56 and insert:
"E.  In the second year, as an alternative to the contribution rates certified by the Virginia Retirement System (VRS) Board of Trustees pursuant to § 51.1-145(1), Code of Virginia, rates paid to the VRS by a participating city, county, or local school board for retirement benefits of its employees may, at the option of each participating city, county, or local school board, be based on the results of the June 30, 2007 actuarial valuation of assets and liabilities assuming an amortization period of 30 years."
Page 535, strike lines 1 through 7.

(This amendment allows cities, counties and school boards, for the provision of retirement benefits to school employees not included under the teachers retirement plan, who participate in the Virginia Retirement System to elect employer contribution rates based on a 30 year amortization period for the calculated unfunded liability.)