2012 Special Session I

Budget Amendments - HB1301 (Conference Report)

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Exclusions Related to 5%-5% Swap (language only)

Item 4-6.03 #1c

Item 4-6.03 #1c

Positions and Employment
Employee Benefits

Page 441, after line 4, insert:
“j.  The provisions in § 51.1-144, Code of Virginia, that require a member to contribute five percent of his creditable compensation for each pay period for which he receives compensation on a salary reduction basis, shall not apply to any (i) "state employee," as defined in § 51.1-124.3, Code of Virginia, who is an elected official, or (ii) member of the Judicial Retirement System under Chapter 3 of Title 51.1 (§ 51.1-300 et seq.), who is not a "person who becomes a member on or after July 1, 2010," as defined in § 51.1-124.3, Code of Virginia.”

(This amendment exempts state elected officials and Plan 1 judges from the requirement to pay a 5% member contribution to VRS. An offsetting pay raise is also not scheduled for this group.)