2013 Session

Budget Amendments - SB800 (Committee Approved)

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Eliminate HE ORP Surcharge Language (language only)

Item 468 #3s

Item 468 #3s

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 contribution 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 amends a provision added to § 51.1-145, Code of Virginia, in 2012 that could allow the VRS Board to place a surcharge on institutions of higher education that have employees enrolled in defined contribution plans/optional retirement plans. UVA estimates the potential fiscal impact of the current statute to UVA, including the medical center, to be over $150 million over the next eight years.)