1999 Session

Budget Amendments - SB800 (Conference Report)

Health Care Credit "Premium Holiday"

Item 547.1 #3c

Item 547.1 #3c

First Year - FY1999 Second Year - FY2000
Central Appropriations
Central Appropriations FY1999 ($1,466,536) FY2000 ($8,799,214) GF

Page 430, line 20, strike "($16,482,242)" and insert "($17,948,778)".
Page 430, line 21, strike "($17,989,192)" and insert "($26,788,406)".
Page 431, after line 13, insert:
"E. For semi-monthly pay periods payable on May 1, May 16, June 1, and June 16, 1999, or their equivalent under other alternative pay schedules, and for FY 2000, state agencies and institutions will not be required to make premium payments to the Virginia Retirement System for the state employees retiree health care credit.  The Director of the Department of Planning and Budget shall withhold from agency appropriations amounts appropriated from the general fund, estimated at $1,466,536 the first year and $8,799,214 the second year, and transfer these amounts to this item."

(This amendment captures the general fund savings estimated at $1.5 million the first year and $8.8 million the second year from a "premium holiday " for the state employees' retiree health care credit. Further contributions to the health care credit fund for state employees are not needed for the remainder of the 1998-2000 biennium, because annual income to the fund exceeds annual expenses by approximately $13 million. The balance in this fund is approximately $52 million.)