2016 Session

Budget Amendments - HB29 (Floor Approved)

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Lump Sum Repayment to VRS

Item 467 #1h

Item 467 #1h

First Year - FY2015 Second Year - FY2016
Central Appropriations
Central Appropriations FY2015 $0 FY2016 $188,884,220 GF

Page 174, line 34, strike "$226,659,581" and insert "$415,543,801".

Page 184, after line 39, insert:

"Z.  On or before June 30, 2016, the State Comptroller shall deposit $188,884,220 from the general fund into the Virginia Retirement System (VRS) trust fund representing the expedited repayment to  the VRS for the  contributions that were deferred during the 2010-12 biennium. $161,807,946 from the deposit shall be allocated to the state employee plan, $8,465,759 shall be allocated to the Judicial Retirement System, $16,491,559 shall be allocated to the Virginia Law Officers Retirement System, and $2,118,956 shall be allocated to the State Police Officers Retirement System."


(This amendment provides $188.9 million from the general fund to expedite the repayment to the VRS of the 2010-12 biennium deferred retirement contributions for the four state employee plans.)