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2014 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Norment
HE - VCSP - Director Compensation Supplements (language only)

Item 4-6.01 #3s

Item 4-6.01 #3s

Positions and Employment
Employee Compensation

Language
Page 485, line 27, after "Hall," insert "and".
Page 485, line 28, after "Board" strike ", and the Virginia College Savings Plan Board".
Page 485, line 28, after "museum," insert "and".
Page 485, line 29, after the first "Virginia" strike ", and the Director of the Virginia College Savings Plan Board".
Page 489, after line 60, insert:
"9.  Notwithstanding any provision of this Act, the Board of the Virginia College Savings Plan may supplement the compensation of its Chief Executive Officer.  The Board should be guided by criteria which provide a reasonable limit on the total additional income of the Chief Executive Officer.   The criteria should include, without limitation, a consideration of compensation paid to similar officials in comparable qualified tuition programs, independent public agencies or other entities with similar responsibilities and size.  The Board shall report such criteria and action taken to supplement such compensation to the Chairmen of the Senate Finance and House Appropriations Committees and shall report approved supplements to the Department of Human Resource Management for retention in its records.


Explanation
(This amendment deletes language regrading the required written approval of the Governor for compensation supplements for the Director of the Virginia College Savings Plan (VCSP). Additionally, the amendment states that the VCSP Board may set the supplement based on stated criteria.)