2013 Session

Budget Amendments - SB800 (Conference Report)

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VRS Salary Supplement (language only)

Item 4-6.01 #2c

Item 4-6.01 #2c

Positions and Employment
Employee Compensation

Page 529, after line 11, insert:
"8. Notwithstanding any provision of this Act, the Board of Trustees of the Virginia Retirement System may supplement the salary of its director.  The Board should be guided by criteria, which provide a reasonable limit on the total additional income of the Director. The criteria should include, without limitation, a consideration of the salaries paid to similar officials in comparable public pension plans.  The Board shall report such criteria and potential supplement level to the Chairmen of the Senate Finance and House Appropriations Committees at least 60 days prior to the effectuation of the compensation action.  The Board shall report approved supplements to the Department of Human Resource Management for retention in its records."

(This amendment provides the Virginia Retirement System (VRS) Board of Trustees the ability to provide a salary supplement to the VRS Director.)