2017 Session

Budget Amendments - SB900 (Member Request)

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Chief Patron: Chafin
Return to 2012 Plan for Phase-In of Employer Contribution Rates for VRS Teacher Plan

Item 475 #5s

Item 475 #5s

First Year - FY2017 Second Year - FY2018
Central Appropriations
Central Appropriations FY2017 $0 FY2018 ($49,700,000) GF

Page 459, line 8, strike "$151,691,160" and insert "$101,991,160".

Page 461, line 17, strike "16.32%" and insert "14.66%".


(This amendment reflects the estimated savings to the state's share of Direct Aid due to returning to the schedule for phasing-in to a return to full funding of VRS employer contribution rates for the teacher plan that was agreed upon in 2012, which would return the rates to full annual funding in FY 2019 rather than the accelerated schedule adopted in 2016. The rate would be reduced from 16.32 percent to 14.66 percent, which is 90 percent of the full rate. This action would save both the state funds as well as localities in FY 2018, while still continuing progress towards beginning to annually improve the funded status of the teacher plan. Note: This estimated savings does not yet include the additional amount that would be attributable to savings in the K-3 Class Size Reduction Program.)