2001 Session

Budget Amendments - SB800 (Committee Approved)

View Budget Item
View Budget Item amendments

Group Life Savings-State

Item 541 #2s

Item 541 #2s

First Year - FY2001 Second Year - FY2002
Central Appropriations
Central Appropriations FY2001 ($3,317,014) FY2002 ($3,461,232) GF

Page 469, line 1, strike "($2,056,436)" and insert "($5,373,450)".
Page 469, line 2, strike "($1,500,025)" and insert "($4,961,257)".
Page 470, following line 16 insert:
"E.  The Board of Trustees of the Virginia Retirement System shall charge the Commonwealth and local school boards the actuarially derived group life insurance rates of .62 percent for state employees and .62 percent for teachers.  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 FY 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 $3,317,014 the first year and $3,461,232 the second year shall be withheld from appropriation and transferred to this item.

(This amendment captures general fund savings from a technical correction in the employer rates for the VRS group life insurance. A companion amendment captures the general fund savings from this action for state funded teachers.)