2001 Session

Budget Amendments - HB1600 (Committee Approved)

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Virginia Retirement System (language only)

Item 566 #2h

Item 566 #2h

Independent Agencies
Virginia Retirement System

Page 500, after line 16, insert:
"I.  In the event any political subdivision participating in the programs administered by the Virginia Retirement System fails to remit contributions or other fees and costs of the programs as duly prescribed, the Board of Trustees of the Virginia Retirement System shall inform the State Comptroller and the participating political subdivision of the delinquent amount.  The State Comptroller shall forthwith transfer such amount to the appropriate fund from nonearmarked moneys otherwise distributable to such political subdivision by any department or agency of the state."

(This amendment will allow the Virginia Retirement System (VRS) recourse to obtain payments through the State Comptroller for contributions in the event a political subdivision fails to forward funding to the VRS for their share of the contributions for any of the programs administered by the VRS.)