2013 Session

Budget Amendments - SB800 (Conference Report)

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Pre-pay VRS installment for FY 2015 and FY 2016 (language only)

Item 468 #6c

Item 468 #6c

Central Appropriations
Central Appropriations

Page 427, line 4, after "biennium.", insert:
"From such general fund revenues as are collected for fiscal year 2013 in excess of the First Year Official Revenue Estimate contained in this Act, the first $100.0 million, or portion thereof, that is not required to meet (i) a Constitutionally-mandated deposit to the Revenue Stabilization Fund, (ii) the Water Quality Improvement Fund, Part A deposit, or (iii) the Item 469 J.1., deposit to the Federal Action Contingency Trust Fund shall be reserved by the Comptroller in the Restricted Fund Balance for payment to the Virginia Retirement System (VRS) prior to June 30, 2014.  The VRS shall allocate any payments to the retirement system plans proportionate to each plan's, excluding political subdivision plans, unfunded liability estimated as of June 30, 2012.  Said payment to VRS shall constitute a prepayment of the general fund 2014-16 biennial installment of the ten-year payback of retirement contributions deferred for the 2010-12 biennium, thereby reducing the general fund contribution rate in the 2014-16 biennium."

(This amendment is self-explanatory.)