2011 Session

Budget Amendments - HB1500 (Conference Report)

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Reverses Employer VRS Teacher Rate Action

Item 132 #5c

Item 132 #5c

First Year - FY2011 Second Year - FY2012
Education: Elementary and Secondary
Direct Aid To Public Education FY2011 $0 FY2012 ($53,247,608) GF

Page 105, line 16, strike "$5,439,278,512" and insert "$5,386,030,904".

(This amendment reverses the state's share of funding for the change in the employer teacher retirement contribution rate to 7.16% proposed in introduced budget back to 5.16% as included in Chapter 874, 2010 Acts of Assembly. A companion amendment provides $31.0 million to increase the rate to 6.33%, an increase of 2.4% over the fiscal year 2011 rate of 3.93%, and for a net rate increase of 1.17% to the fiscal year 2012 rate of 5.16%. The combined action of these two amendments reflects a net state savings of $22.3 million against the introduced budget.)