2002 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Putney
Deferred Compensation Program (language only)

Item 511 #1h

Item 511 #1h

Central Appropriations
Central Appropriations

Page 368, after line 52, insert:
"J.  The Governor is hereby authorized to transfer funds from agency appropriations to the accounts of participating state employees such amounts as may be necessary to match the contributions of the qualified participating employees, consistent with the requirements of section 51.1-606, Code of Virginia.  Such transfers shall be made consistent with the following:
1.  Effective July 1, 2000, the maximum cash match provided to eligible employees shall not be less than $20.00 per pay period, or $40.00 per month.  The Governor may direct the agencies of the Commonwealth to utilize funds contained within their existing appropriations to meet the requirements of section 51.1-606, Code of Virginia.
2.  The Governor may direct agencies supported in whole or in part with nongeneral funds to utilize existing agency appropriations to meet the requirements of section 51.1-606, Code of Virginia.  Such nongeneral revenues and balances are hereby appropriated for this purpose, subject to the provisions of section 4-2.01 b of this act.  The use of such nongeneral funds shall be consistent with any existing conditions and restrictions otherwise placed upon such nongeneral funds.
3.  Employees who are otherwise eligible but whose 403 (b) provider does not participate in the cash match program by establishing a 401 (a) account are ineligible to receive a cash match.
4.  The procurement of services related to the implementation of this program shall be governed by standards set forth in section 51.1-124.30 C, Code of Virginia and shall not be subject to the provisions of Chapter 7 (section 11-35 et seq.) of Title 11, Code of Virginia.

(This amendment restores language governing the administration of the deferred compensation cash match program.)