Item 549 | First Year - FY2001 | Second Year - FY2002 |
|---|---|---|
| Deferred Compensation Match (75900) | $11,140,628 | $11,140,628 |
| Fund Sources: | ||
| General | FY2001 $11,140,628 | FY2002 $11,140,628 |
Authority: Title 51.1, Chapter 6, Code of Virginia.
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 requirements of § 51.1-606, Code of Virginia. Such transfers shall be made consistent with the following:
1. The Governor may direct the agencies of the Commonwealth to utilize funds contained within their existing appropriations to meet the requirements of § 51.1-606, Code of Virginia, provided that funds included 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 § 51.1-606, Code of Virginia.
2. The Governor may direct agencies supported in whole or in part with nongeneral funds to utilize existing agency appropriations to meet the requirements of § 51.1-606, Code of Virginia. Such nongeneral revenues and balances are hereby appropriated for this purpose subject to the provisions of § 4-2.01 b of this act. The use of such nongeneral funds shall be consistent with any existing conditions and restrictions otherwise placed upon such nongeneral funds.
3. Costs for employees of Educational and General Programs at the institutions of higher education shall be borne by general fund.
B. 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.