Source: https://budget.lis.virginia.gov/amendment/2018/2/HB5002/Introduced/FA/474/7h/
Timestamp: 2019-09-17 16:57:37
Document Index: 709831748

Matched Legal Cases: ['§ 51', '§ 51', '§ 51', '§ 51', '§ 51', '§ 51', '§ 51']

474#7h (CA) VRS Identify and Recover Stranded Liabilities. HB5002 - Floor Approved
"O.1. In addition to the contributions required under § 51.1-145 of the Code of Virginia, and notwithstanding any other contrary provisions of the Appropriation Act or of § 51.1-145, all institutions of higher education that have established their own optional retirement plan under § 51.1-126(B) shall, beginning July 1, 2018, pay contributions to the employer's retirement allowance account in an amount equal to the difference between the total retirement contribution rate required on behalf of State employees and the rate payable by the Commonwealth under § 51.1-126(F)(1) for Optional Retirement Plan for Higher Education employees who became a member on or after July 1, 2010. Such payment shall be made for each employee who began participating in an Optional Retirement Plan for Higher Education under § 51.1-126(B) on or after January 1, 2014, and who, as of that date, was not directly engaged in the performance of teaching duties, with the exception of employees of entities described in § 51.1-126.1, § 51.1-126.3, and Chapter 24 of Title 23.1.