2020 Session

Budget Amendments - HB30 (Floor Approved)

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Reduce Amortization Period for Retiree Health Care Credits

Item 145 #14h

Item 145 #14h

First Year - FY2021 Second Year - FY2022
Direct Aid to Public Education FY2021 $4,957,337 FY2022 $5,227,231 GF

Page 134, line 6, strike "$7,764,498,080" and insert "$7,769,455,417".
Page 134, line 6, strike "$8,046,840,548" and insert "$8,052,067,779".

Page 134, line 47, strike "$503,535,507" and "$512,157,360" and insert:

"$508,492,844" and "$517,384,591".


(This amendment provides $5.0 million the first year and $5.2 million the second year from the general fund to pay for the cost of lowering the Virginia Retirement System amortization period by five years by adjusting the Retiree Health Care Credit (RHCC) rate calculation. This action would provide an estimated savings of $388 million over the amortization period. A corresponding amendment to Item 477 in Central Appropriations provides the rate adjustment.)