2012 Session

Budget Amendments - HB30 (Committee Approved)

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VRS Rates for Teacher Retirement System (language only)

Item 468 #4h

Item 468 #4h

Central Appropriations
Central Appropriations

Page 354, line 31, strike "11.66" and insert "10.23".
Page 354, line 33, strike "These rates" and insert:
"The rates for the state employee plans".
Page 354, after line 47 insert:
"7. In addition, included in the appropriation under Direct Aid for Public Education is $30,000,000 from the general fund in each year to provide a lump sum payment to the Virginia Retirement System on or before July 15 of each fiscal year as the initial repayment for the deferral of teacher retirement contributions during the 2010-12 biennium."

(This amendment modifies the language related to the VRS contribution rate to be charged to local school boards for the teacher retirement plan. The amendment decreases the rate that will be charged to the school boards from 11.66% to 10.23% which is the calculated rate excluding the repayment calculation for the 2010-12 contribution deferral. The language authorizes an initial repayment of a $30.0 million lump sum payment each year which represents the state share of an additional 1.13% rate payment.)