2013 Session

Budget Amendments - HB1500 (Committee Approved)

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VRS Contribution Rate Surcharge - Modify Language (language only)

Item 468 #2h

Item 468 #2h

Central Appropriations
Central Appropriations

Page 432, after line 23, insert:
"S.  The final sentence of § 51.1-145 (N), Code of Virginia providing that the employer contribution rate established for each employer may include the annual rate of contribution payable by such employer with respect to employees enrolled in optional defined contribution retirement plans, shall not apply to optional defined retirement plans established under § 51.1-126 for employees engaged in teaching, administrative or research duties at institutions of higher education, § 51.1-126.1 for employees of teaching hospitals other than VCU and UVA Medical Centers, and § 51.1-126.3 for University of Virginia Medical Center employees."

(This amendment clarifies that the employer paid surcharge charged for employees who transition from the traditional VRS system to a DC plan does not apply to employee groups that have traditionally had the option of participating in the Higher Education Optional Retirement plan.)