2019 Session

Budget Amendments - HB1700 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: James
Transfer Revenue Reserve Interest to VRS (language only)

Item 266 #1h

Item 266 #1h

Department of Accounts Transfer Payments


Page 270, after line 26, insert:

"D. Out of the appropriations made in the first and second years to this item, the interest earned on $300.0 million of the Revenue Cash Reserve shall be transferred to the Virginia Retirement System and deposited as a credit to the Teacher Retirement Plan."    


(This amendment transfer a portion of the interest earnings within the revenue reserve from the reserve to the VRS to pay down the unfunded liability in the teacher retirement plan.)