2020 Session

Budget Amendments - SB29 (Floor Approved)

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Lump Sum Repayment to VRS

Item 474 #2s

Item 474 #2s

First Year - FY2019 Second Year - FY2020
Central Appropriations
Central Appropriations FY2019 $0 FY2020 $30,700,000 GF

Page 193, line 6, strike "$187,164,033" and insert "$217,864,033".

Page 204, after line 6, insert:

"DD. On or before June 30, 2020, the State Comptroller shall deposit $30,700,000 from the general fund into the Virginia Retirement System (VRS) trust fund to be allocated to the teacher plan, which represents an expedited repayment to the VRS for a portion of the contributions that were deferred during the 2010-12 biennium."


(This amendment provides a $30.7 million GF deposit to the VRS trust fund to accelerate the payback of the contributions deferred during the 2010-12 biennium. After this deposit, the outstanding balance required for repayment will be approximately $92.1 million, to be repaid over the 2020-22 biennium.)