2001 Session

Budget Amendments - HB1600 (Committee Approved)

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Retiree Health Credit Study (language only)

Item 566 #3h

Item 566 #3h

Independent Agencies
Virginia Retirement System

Page 500, after line 16, insert:
"I.1. The Board of Trustees of the Virginia Retirement System shall study the feasibility and cost effectiveness of funding through the retirement trust funds the health insurance credit premiums for state employees, teachers, constitutional officers and their employees, employees of local social services departments and employees of political subdivisions participating in the health insurance premium credit program.  In doing this study, the VRS Board of Trustees shall consider the constitutional, actuarial, legal, and administrative impact of such a funding approach.  The Board shall report its findings to the Governor and the Chairmen of the House Appropriations and Senate Finance Committees by December 1, 2001.
2.  The Virginia Retirement System shall provide periodic updates on the progress of the study to the Chairmen of the House Appropriations and Senate Finance Committees."

(This amendment requires the VRS Board of Trustees to study the feasibility of funding the retiree health insurance credit as part of the regular VRS benefit program.)