2012 Session

Budget Amendments - SB30 (Committee Approved)

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Additional Assistance with Teacher Retirement Costs

Item 139 #6s

Item 139 #6s

First Year - FY2013 Second Year - FY2014
Education: Elementary and Secondary
Direct Aid To Public Education FY2013 $45,000,000 FY2014 $0 GF

Page 97, line 15, strike "$5,706,719,879" and insert "$5,751,719,879".
Page 123, after line 15, insert:
"35.  Additional Assistance with Teacher Retirement Contribution Rates
Out of this appropriation, $45,000,000 the first year shall be provided to school divisions as specified below to assist with the payments for the increase in the retirement employer contribution rates.

(This amendment provides funding to school divisions to assist with the increase from 6.33 percent to 11.66 percent in the teacher retirement employer contribution rates funded in the budget as introduced. The Virginia Retirement System Board's certified rate was 16.77 percent. Pursuant to Senate Bill 498, the percentage of the Board's contribution rates funded increases from 69.5 percent for the 2012-14 biennium, to 79.9 percent for the 2014-16 biennium, to 89.8 percent for the 2016-18 biennium, and 100 percent beginning with the 2018-20 biennium. Funding in this amendment is allocated to school divisions on the same basis as funding was reduced in the introduced budget by eliminating the update for inflation.)