AMENDMENT(S) PROPOSED BY THE SENATE

FINANCE

1. Line 93, engrossed, after line 92

insert

3. That the provisions of this act shall not become effective unless the Virginia Retirement System receives a written ruling from the Internal Revenue Service (“IRS”) that affirmatively states that the provisions of this act, were they to become effective, will not in any way adversely affect the qualified plan status of the Virginia Retirement System under federal law. The Virginia Retirement System shall seek such IRS ruling as soon as practicable in regard to the impact on such qualified plan status from the provisions of this act. Upon receipt of a written response from IRS on such question, the Virginia Retirement System shall communicate the determination made by IRS to the chairmen of the Senate Committee on Finance and the House Committee on Appropriations, and the Secretary of Education. The Virginia Retirement System shall make the final determination, which shall be consistent with such IRS ruling or determination, of whether the provisions of this act in any way adversely affect the qualified plan status of the Virginia Retirement System under federal law.