2003 Session

Budget Amendments - HB1400 (Conference Report)

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Special Pay Plan (language only)

Item 511 #3c

Item 511 #3c

Central Appropriations
Central Appropriations

Page 480, after line 23, insert:
"M.1.  The Virginia Retirement System shall prepare a report on the feasibility of establishing an Internal Revenue Service approved Special Pay Plan that is qualified under section 401(a) of the Internal Revenue Code for separating state employees.  The purpose of the report shall be to determine whether such a pay plan would be of value to state employees and the extent to which state employees have identified the need for such a benefit plan.  
2.  As part of the review, the Virginia Retirement System shall identify the benefits of such plans, including a determination of cost savings that may accrue to both the employer and employee.
3.  The Virginia Retirement System shall also determine whether this benefit should be available to all employees or a subgroup of employees based on factors including but not limited to amount and type of separation pay.
4.  In completing this review, the Virginia Retirement System shall seek input from an appropriate cross-section of state employees.
5.  The Department of Human Resource Management shall provided technical assistance to the Virginia Retirement System upon request.
6.  The results of this review shall be provided to the Chairmen of the House Appropriations and Senate Finance Committees by November 14, 2003."

(This amendment requires a review of special pay plans as qualified by the Internal Revenue Service for separating state employees.)