2011 Session

Budget Amendments - HB1500 (Conference Report)

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Employer VRS Teacher Rate of 6.33%

Item 132 #2c

Item 132 #2c

First Year - FY2011 Second Year - FY2012
Education: Elementary and Secondary
Direct Aid To Public Education FY2011 $0 FY2012 $30,955,902 GF

Page 105, line 16, strike "$5,439,278,512" and insert "$5,470,234,414".
Page 106, line 22, strike "$178,704,877" and insert "$159,588,656".

(This amendment provides $31.0 million for the state's share of the increase in the employer teacher retirement contribution rate. A companion amendment reverses the $53.2 million for a 2.0 percent rate increase to 7.16 percent that was proposed in the introduced budget. These two amendments together reflect a net state savings of $22.3 million against the introduced budget. This amendment is based on a second year employer teacher retirement contribution rate of 6.33 percent, which represents an increase of 2.4 percent increase over the first year VRS rate of 3.93 percent and represents a 1.17 percent increase over the adopted fiscal year 2012 rate of 5.16 percent.)