Item 546.10 (Not set out) | First Year - FY1999 | Second Year - FY2000 |
|---|---|---|
| Deferred Compensation Match (75900) | $0 | $2,500,000 |
| Fund Sources: | ||
| General | FY1999 $0 | FY2000 $2,500,000 |
Authority: House Bill 1756 (1999 Session).
A. The Governor is hereby authorized to transfer funds from agency appropriations to the accounts of participating state employees such amounts as may be necessary to match the contributions of the qualified participating employees, consistent with the passage of House Bill 1756 (1999). Such transfers shall be made consistent with the following:
1. The Board of Trustees of the Virginia Retirement System shall conduct a feasibility review, develop a qualified 401 (a) plan and estimate participation levels at various cash matching levels by October 1, 1999. The board shall establish a cash matching level in consultation with the Governor and Chairmen of the House Appropriations and Senate Finance Committees and consistent with the appropriation contained in this Item.
2. The Governor may direct the agencies of the Commonwealth to utilize funds contained within their existing appropriations to meet the requirements of House Bill 1756 (1999), provided that the $2,500,000 provided for in this Item may be used to supplement agency appropriations deemed by the Director of the Department of Planning and Budget as insufficient to meet the requirements of House Bill 1756 (1999).
3. The Governor may direct such nongeneral fund agencies to utilize existing agency appropriations to meet the requirements of House Bill 1756 (1999). The use of such nongeneral funds shall be consistent with any existing conditions and restrictions otherwise placed upon such nongeneral funds.
B. It is hereby expressed as legislative intent that in carrying out the provisions of this Item the Governor and the Board of Trustees of the Virginia Retirement System shall attempt to set cash match at a level that encourages the highest possible participation.
C. It is further provided that the Governor, in consultation with the Board of Trustees of the Virginia Retirement System, may begin the participation in this program after January 1, 2000, but no later than April 1, 2000.
D. The procurement of services by the Virginia Retirement System related to the implementation of this program shall be governed by standards set forth in § 51.1-116, Code of Virginia, and shall not be subject to the provisions of Chapter 7 (§ 11-35 et seq.) of Title 11, Code of Virginia.