2005 Session

Budget Amendments - HB1500 (Committee Approved)

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Line of Duty Funding

Item 522 #1h

Item 522 #1h

First Year - FY2005 Second Year - FY2006
Independent Agencies
Virginia Retirement System FY2005 $0 FY2006 $600,000 NGF
FY2005 0.00 FY2006 2.00 FTE

Page 479, line 7, strike "$23,956,701" and insert "$24,556,701".
Page 480, after line 8, insert:
"F.  Notwithstanding any other provisions of law, the Board of Trustees of the Virginia Retirement System shall be responsible for the administration of Chapter 4 of Title 9.1, Code of Virginia, to include the establishment of a line of duty trust fund effective July 1, 2005, for the payment of benefits accrued or accruing under that Chapter.  For fiscal year 2006, such fund shall be initially capitalized from the group life insurance trust fund at an amount estimated at $3,783,690 and repaid with actuarially-determined contributions paid by all employers with employees eligible for such benefits.  Such contributions shall be determined by prefunding any lump sum payments and funding health insurance premiums on a current disbursement basis.  The Board of Trustees shall establish policies and procedures for administration of benefits consistent with the standards set forth in § 51.1-124.30, Code of Virginia."

(This amendment establishes a line-of-duty trust fund to fund benefits authorized under the existing Line of Duty Act and transfer authorization for administering the program to the Virginia Retirement System. In addition, this amendment provides $600,000 and two positions the second year from nongeneral funds for system development and to administer the program.)