2014 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Farrell
HB 178 -Administrative Impact on VRS

Item 482 #1h

Item 482 #1h

First Year - FY2015 Second Year - FY2016
Independent Agencies
Virginia Retirement System FY2015 $20,000 FY2016 $20,000 NGF

Page 416, line 19, strike "$12,386,585" and insert "$12,406,585".
Page 416, line 19, strike "$12,386,585" and insert "$12,406,585".

(This amendment provides $20,000 from the nongeneral fund each year to fund the administrative impact of House Bill 178 which provides that if the General Assembly adopts an assumed rate of return on investments that is different from the rate used by the Board of the Virginia Retirement System (VRS) in determining employer contribution rates for contributions to VRS, the Board shall recalculate the employer contribution rate for each employer to incorporate the assumed rate of return adopted by the General Assembly.)