2011 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Governor McDonnell
Make Adjustments to Salary Increase and Retirement Rate Assumptions

Item 469 #1g

Item 469 #1g

First Year - FY2011 Second Year - FY2012
Central Appropriations
Central Appropriations FY2011 $0 FY2012 $25,754,867 GF

Page 402, line 7, strike "($27,327,805)" and insert "($1,572,938)".
Page 405, line 11, after "below:" insert:
"The rates listed in the table below for fiscal year 2012 shall be effective as of July 10, 2011.  For the first two paydays of fiscal year 2012, the rates shall be as follows; 2.08 percent for Regular VRS, 7.73 percent for SPORS, 5.07 percent for VaLORS, and 28.65 percent for JRS."
Page 406, line 13, strike "$135,467,080" and insert "$171,303,238".
Page 410, line 6, strike "July 1" and insert "July 10".
Page 410, line 14, strike "on July 1" and insert "effective July 10".
Page 410, line 25, strike "$32,991,493" and insert "$7,236,626".
Page 410, line 30, strike "$18,201,242" and insert "$4,357,289".

(This amendment makes technical corrections to assumptions included in the introduced budget bill for a) the three percent salary increase, b) the five percent employee contribution, and c) the increase in employer contributions for state employees. Specifically, this amendment sets the effective date for all of these actions to the beginning of the August 1, 2011, pay period, which is July 10, 2011, and appropriately accounts for the lag of fourth quarter retirement payments to the Virginia Retirement System consistent with language in Chapter 874. This amendment, along with companion amendments to § 3-1.01 and to the front page of the budget bill, result in a combined $3.8 million decrease in general fund resources.)