2019 Session

Budget Amendments - SB1100 (Member Request)

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Chief Patron: Lucas
Cash Reserve & Teacher Retirement (language only)

Item 266 #1s

Item 266 #1s

Department of Accounts Transfer Payments


Page 270, after line 14, insert:

"5.  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 serves two purposes: 1) retains cash in the Reserve Fund as part of the state's efforts to bolster its reserves and 2) strengthens the Teacher Retirement Plan while helping to reduce future state and employer contributions.)