AMENDMENT(S) PROPOSED BY THE SENATE

SEN. COLGAN

1. Page 329, line 44, introduced, after line 44                                Item 469 #25s

Central Appropriations                                                     Language

Page 329, following line 44, insert:

"11. The Virginia Retirement System Board of Trustees shall account for the employer retirement contribution payments deferred for the 2010-2012 biennium based on limiting employer retirement contributions to the Virginia Retirement System to the actuarial normal cost plus twenty percent of the unfunded actuarial accrued liability. In setting the employer retirement contribution rates for the 2012-2014 biennium, and subsequent biennia, the Board shall calculate a separate, supplemental employer contribution rate that will amortize such deferred payments over a period of ten years using the Board's assumed, long-term rate of return. The Governor shall include funds to support payment of such Board-approved, supplemental employer contribution rates in the budget submitted to the General Assembly."