2002 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Griffith
Retiree Health Credit

Item 511 #6h

Item 511 #6h

First Year - FY2003 Second Year - FY2004
Central Appropriations
Central Appropriations FY2003 $24,309,493 FY2004 $25,531,645 GF

Page 364, line 49, strike "$44,644,486" and insert "$68,953,979".
Page 364, line 49, strike "$70,241,747" and insert "$95,773,392".
Page 368, after line 52, insert:
"J.  Notwithstanding Section 51.1-1401, Code of Virginia, the maximum health insurance credit for retired state employees, teachers, and local government employees with at least fifteen years of total creditable service under the System will be increased by $50 per month for retirees with 30 years of service.  For retirees with fifteen to 29 years of service, the maximum amount will be prorated by total years of creditable service.  Out of amounts for this item shall be provided $24,309,493 the first year and $25,531,645 the second year from the general fund to fund the enhanced retiree health insurance credit for retired state employees and teachers. The cost of any increase for local government retirees shall be borne entirely by the locality."

(This amendment provides funding for a maximum increase of $50.00 per month for the retired state employee, teacher, and local government employees retiree health care credit.)