2002 Session

Budget Amendments - HB29 (Committee Approved)

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VRS Dormant Accounts (NGF) (language only)

Item 3-1.01 #8h

Item 3-1.01 #8h

3: Miscellaneous & Part 4: General Provisions)

Page 527, after line 30, insert:
"GG.  Prior to June 30, 2002, the State Comptroller shall transfer from agency nongeneral fund accounts an amount estimated at $12,827,302 for the reduction in retirement contributions resulting from the identification and resolution of dormant retirement accounts pursuant to a study to be completed by the Board of Trustees of the Virginia Retirement System.  Appropriated funds from federal sources are exempt from this transfer."

(This amendment captures the nongeneral fund savings associated with retirement contribution rate reductions attributed to VRS dormant accounts. A companion amendment captures the general fund savings.)