1998 Session

Budget Amendments - HB30 (Conference Report)

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

Page 323, after line 40, insert:
"547.10 Reversion Clearing Account
               Miscellaneous (22600)            ($14,782,435)          ($15,053,894)
               Fund Sources: General          


               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."

(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.)