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2011 SESSION

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(HB2527)

AMENDMENT(S) PROPOSED BY THE HOUSE

DEL. SICKLES {Ruled Not Germane}

    1. After line 970, substitute

      insert

        4. Notwithstanding the provisions of § 2.2-1514, any general fund balance remaining at the end of each fiscal year shall first be held in reserve by the Comptroller for any required Revenue Stabilization Fund deposit pursuant to § 2.2-1829.  If the Auditor of Public Accounts pursuant to § 2.2-1829 reports that a deposit is required to be made to the Revenue Stabilization Fund, then the Comptroller shall set aside from the general fund balance remaining such funds as are necessary to meet the full amount of the required deposit.  After the full amount to make the required Revenue Stabilization Fund deposit has been set aside, 15 percent of any remaining general fund balance shall be set aside for the Virginia Retirement System for the defined benefit retirement plans established under Chapter 1 (§ 51.1-124.1 et seq.), 2 (§ 51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.) or 3 (§ 51.1-300 et seq.) of Title 51.1 and for certain optional retirement plans under § 51.1-126.  The 15 percent of the general fund balance shall be set aside as follows:  75 percent to the Virginia Retirement System as additional contributions to the defined benefit retirement plans and 25 percent to be paid as additional contributions to the optional retirement plans.  This enactment clause shall expire when the Auditor of Public Accounts certifies that the $620 million diverted from the Virginia Retirement System as a result of Chapter 874 of the 2010 Acts of Assembly has been repaid, with interest.