2022 Session

Budget Amendments - HB30 (Committee Approved)

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Fund Impact of HB 473 on VRS

Item 498 #1h

Item 498 #1h

First Year - FY2023 Second Year - FY2024
Independent Agencies
Virginia Retirement System FY2023 $700,000 FY2024 $514,000 NGF

Page 518, line 38, strike "$19,038,287" and insert "$19,738,287".
Page 518, line 38, strike "$19,131,202" and insert "$19,645,202".


(This amendment provides $1.2 million from the nongeneral fund over the biennium for the VRS to fund the impact of House Bill 473 which instructs the VRS to calculate two separate rates for employers participating in the hybrid plan, a rate for the defined benefit component and a separate rate for the defined contribution component. A companion amendment in DOA provides $190,000 to support changes to the state's payroll system pursuant to House Bill 473.)