2001 Session

Budget Amendments - HB1600 (Committee Approved)

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Health Insurance Credit-State

Item 541 #3h

Item 541 #3h

First Year - FY2001 Second Year - FY2002
Central Appropriations
Central Appropriations FY2001 $0 FY2002 ($1,658,508) GF

Page 469, line 2, strike "($1,500,025)" and insert "($3,158,533)".
Page 470, after line 16, insert:
"E.  The Board of Trustees of the Virginia Retirement System (VRS) shall charge the Commonwealth and local school boards the rate for the retiree health insurance credit minus the phase-in percentage.  The Board of Trustees shall institute a group life insurance premium holiday for the months of April, May and June 2001 (payments made to the VRS in May, June and July 2001) to recoup the employer savings that result from this action.  The Board of Trustees shall adjust employer group life insurance rates for fiscal year 2002 to capture any savings from this action that are not recovered by employers through the premium holiday authorized in this item.  The general fund savings for state employers from this action, estimated at $1,658,508 the second year, shall be withheld from the appropriation and transferred to this item.

(This amendment captures general fund savings from a technical correction in the employer rates for the VRS retiree health insurance credit rate.)