Gov. Bob McDonnell amended the state’s two-year budget to include nearly $28 million more for the Virginia Retirement System, eliminate public broadcasting and provide more funds for job creation, state troopers and sheriffs.
McDonnell (R) proposed boosting the amount of money the state will give to its employees’ retirement fund for the remainder of fiscal year 2012 to the tune of $27.8 million. The boost in spending would improve the plan’s long-term solvency, he said.
But he has once again asked the legislature to implement an optional defined contribution plan for employees. Employees have opposed the optional plan, fearful that a future legislature would require the employees to enroll in it and cease offering the more predictable defined benefit plan used now. The legislature had rejected that suggestion.
McDonnell also include $2.6 million for the Rotunda at the University of Virginia.
In total, he submitted 86 amendments to the budget, equal to $43.8 million, which will be offset by $49.9 million in savings. Legislators are scheduled to return Wednesday to consider his amendments.