Requires no group life contributions during 98-00 biennium
Item 547.10 #1c
Item 547.10 #1c | First Year - FY1999 | Second Year - FY2000 | |
| Central Appropriations |
| Central Appropriations | FY1999 ($14,782,435) | FY2000 ($15,053,894) | GF |
Language
Page 323, after line 40, insert:
"547.10 Reversion Clearing Account
Miscellaneous (22600) ($14,782,435) ($15,053,894)
Fund Sources: General
($14,782,435)
($15,053,894)
Authority: Discretionary Inclusion
For fiscal year 1999 and fiscal year 2000, state and local members of the Virginia Retirement System participating in the group life insurance program will not be required to make group life insurance contributions. The Director of the Department of Planning and Budget shall withhold from agency appropriations amounts appropriated from the general fund for group life insurance contributions. These amounts, estimated to be $14,782,435 the first year and $15,053,894 the second year, shall be transferred to this item."
Explanation
(This amendment captures statewide personnel savings resulting from not making group life insurance contributions for state employees during the 1998-2000 biennium. Because of prudent policies and increased investment yields, the group life insurance program has sufficient balances to cover prospective liabilities.)