Explanation:
(This amendment reverses the state's share of funding for the change in the employer teacher retirement contribution rate to 7.16 percent proposed in the introduced budget. A companion amendment restores $31.0 million, reflecting a net state savings of $22.3 million against the introduced budget. These amendments are based on a second year employer teacher retirement contribution rate of 6.33 percent, which represents an increase of 2.4 percent over the first year rate of 3.93 percent.) |