503#4s (CA) VRS Rates for VaLORS, SPORS, and JRS. SB30 - Committee Approved

State Budget

2002 Session

Budget Amendments - SB30 (Committee Approved)

Bill Order » Item 503 #4s

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VRS Rates for VaLORS, SPORS, and JRS

Item 503 #4s

Item 503 #4s	First Year - FY2003	Second Year - FY2004
Central Appropriations
Central Appropriations	FY2003 $3,214,611	FY2004 $3,354,380	GF

Language
Page 358, line 3, strike "($54,513,013)" and insert "($51,298,402)".
Page 358, line 3, strike "($30,768,632)" and insert "($27,414,252)".
Page 358, line 29 strike "$29,007,434" and insert "$25,792,823".
Page 359, line 11 strike "$30,268,632" and insert "$26,914,252".
Page 359, after line 16, insert:
"5. Nongeneral fund amounts estimated at $7,619,310 the first year, and $7,950,579 the second year, appropriated for the payment of Virginia Retirement System contributions, shall be transferred to the general fund pursuant to § 3-1.01 of this act representing savings from the application of actuarially calculated retirement contribution rates. Appropriated funds from federal sources are exempted from this transfer."

Explanation
(This amendment modifies the contribution rates for the State Police Officers Retirement System, the Virginia Law Officers Retirement System, and the Judicial Retirement System as a result of applying the rates early (in fiscal year 2002). A companion amendment in Part 3 captures the nongeneral fund savings.)

Item 503

Item 503	First Year - FY2003	Second Year - FY2004
Reversion Clearing Account - Miscellaneous (22600)	-$54,513,013	-$30,768,632
Fund Sources:
General	FY2003 -$54,513,013	FY2004 -$30,768,632

Authority: Discretionary Inclusion.

A. The Director, Department of Planning and Budget, shall withhold from agency appropriations and transfer to this item an amount estimated at $500,000 in each year for savings resulting from the centralization of airline ticket purchasing.

B.1. For FY 2003, contributions to the Virginia Retirement System for state employees shall be based on the actuarially calculated rates resulting from the June 30, 2001, valuation less amounts to be withheld representing adjustments to liabilities to liquidate abandoned accounts pursuant to a study completed by the Board of Trustees of the Virginia Retirement System.

2. For FY 2003, contributions to the Virginia Retirement System for the State Police Retirement System, the Virginia Law Officers Retirement System, the Judicial Retirement System, and public school teachers retirement shall be based on the actuarially calculated rates resulting from the June 30, 2001 valuation.

3.a. The Director, Department of Planning and Budget, shall withhold from agency general fund appropriations and transfer to this Item an amount estimated at $29,007,434 in the first year, representing the savings from the application of the actuarially calculated contribution rates for FY 2003. FY 2003 savings for the application of the actuarially calculated contribution rate for public school teacher retirement are reflected in Items 145, 146, and 147 of this act.

b.1. The Director, Department of Planning and Budget, shall withhold from agency general fund appropriations and transfer to this Item a further amount estimated at $25,005,579 in the first year, representing adjustments to liabilities resulting from the identification and resolution of dormant retirement accounts pursuant to a study completed by the Board of Trustees of the Virginia Retirement System.

b.2. In FY 2003, Nongeneral fund amounts estimated at $25,081,649 appropriated for the payment of Virginia Retirement System contributions shall be transferred to the general fund pursuant to § 3-1.01 of this act representing adjustments to liabilities resulting from the identification and resolution of dormant retirement accounts pursuant to a study completed by the Board of Trustees of the Virginia Retirement System. Appropriated funds from federal sources are exempted from this transfer.

4.a. For FY 2004, contributions to the Virginia Retirement System for state employee retirement, the State Police Retirement System, the Virginia Law Officers Retirement System, the Judicial Retirement System, and public school teachers retirement shall be based on the actuarially calculated rates resulting from the June 30, 2001, valuation.

b. The Director, Department of Planning and Budget, shall withhold from agency general fund appropriations and transfer to this Item an amount estimated at $30,268,632 in the second year representing the savings from the application of the actuarially calculated contribution rates for FY 2004. FY 2004 savings for the application of the actuarially calculated contribution rate for public school teacher retirement are reflected in Items 145, 146, and 147 of this act.