2019 Session

Budget Amendments - HB1700 (Committee Approved)

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Reduce Amortization Period for RHCC

Item 136 #9h

Item 136 #9h

First Year - FY2019 Second Year - FY2020
Direct Aid to Public Education FY2019 $0 FY2020 $4,299,784 GF

Page 142, line 55, strike "$7,295,037,230" and insert "$7,299,337,014".

Page 144, line 1, strike"$444,539,502" and insert "$448,839,286".

Page 144, line 9, strike "$6,219,139,890" and insert "$6,223,439,674".


(This amendment adds $4.3 million the second year from the general fund to pay for the cost of lowering the Virginia Retirement System (VRS) amortization period used for the Retiree Health Care Credit (RHCC) rate calculation from 25 years to 20 years. The revised RHCC rate will be adjusted by 14 basis points which will help decrease the unfunded liability for the RHCC account costs over the 20 year period.)