2016 Session

Budget Amendments - HB30 (Conference Report)

View Budget Item
View Budget Item amendments

Correction for Group Life Rate

Item 139 #5c

Item 139 #5c

First Year - FY2017 Second Year - FY2018
Education: Elementary and Secondary
Direct Aid to Public Education FY2017 $1,709,940 FY2018 $0 GF

Page 111, line 12, strike "$6,513,609,587" and insert "$6,515,319,527".

Page 112, line 3, strike "$12,051,432" and insert "$13,761,372".

Page 112, line 5, strike "$5,844,303,468" and insert "$5,846,013,408".


(This amendment adds $1.7 million the first year from the general fund to correct the group life rate that is included in the introduced budget. Unlike the retirement investments that reflect separate pools and rates for state employees and school divisions, VRS has always maintained a single pool for group life and budgeted a single rate. However, the introduced budget reflected a lower rate for schools of 0.47 percent instead of the same rate that is budgeted for state employees of 0.52 percent. This amendment corrects the group life rate that should be budgeted and used for school divisions and consequently increases the state and local costs. There is a companion language amendment in Item 475 that corrects the group life rate for school divisions.)