Direct Aid to Public Education (197)
| Request Title | Adjust funding for retirement |
| Biennium | 2024-2026 |
| Budget Round | Initial Bill |
| Category | Mandates |
| Region | None |
Description
|
Adjusts funding to reflect a change in the employer contribution rates for teacher retirement to 15.23 percent, reflecting the defined benefit contribution rate certified by the Virginia Retirement System Board of Trustees and the estimated employer contributions for the hybrid retirement program's defined contribution component. Contribution rates for group life insurance and retiree health insurance credit programs are maintained at their existing level, which are higher contribution rates than what was certified by the Board of Trustees. |
Funding Summary
| Object Type | FY 2024 | FY 2025 | |
| General Fund Dollars | ($59,830,887) | ($59,800,462) | |
| Nongeneral Fund Dollars | $0 | $0 | |
| General Fund Positions | 0.00 | 0.00 | |
| Nongeneral Positions | 0.00 | 0.00 | |
| General Fund Transfers | $0 | $0 | |
| General Fund Revenue | $0 | $0 | |
| Layoffs | $0 | $0 | |
| Additions to Balance | $0 | $0 |
Funding Details
| By Program | Program Code | Program Title | FY 2024 | FY 2025 |
| 178 | State Education Assistance Programs | ($59,830,887) | ($59,800,462) | |
| By Fund | Fund Code | Fund Title | FY 2024 | FY 2025 |
| 01000 | General Fund | ($59,830,887) | ($59,800,462) |
Authorized Position Details
| By Program | Program Code | Program Title | FY 2024 | FY 2025 |
p3_opview - Official Enacted Budget View Operating Bullet Details - 08-17-2025 07:35:34
