2005 Session

Budget Amendments - SB700 (Member Request)

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Chief Patron: Lucas
Co-Patron(s): Bell, Blevins, Bolling, Colgan, Deeds, Edwards, Houck, Howell, Lambert, Locke, Marsh, Martin, Miller Y., Newman, Norment, OBrien, Potts, Puckett, Puller, Quayle, Reynolds, Ruff, Saslaw, Stolle, Wampler, Watkins, Whipple, Williams
National Guard Retirement Supplement

Item 450 #2s

Item 450 #2s

First Year - FY2005 Second Year - FY2006
Public Safety
Military Affairs, Department of FY2005 $208,000 FY2006 $376,000 GF

Page 411, line 16, strike "$24,645,948" and insert "$24,853,948".
Page 411, line 16, strike "$27,784,458" and insert "$28,160,458".

(This amendment provides $208,000 the first year and $376,000 the second year from the general fund for a retirement supplement program for the Virginia Army National Guard. This program will provide a 20-year state retirement benefit of $100 per month upon separation, for the same number of months that the guardsman participated in the Virginia National Guard. This is intended to bridge the financial gap that exists in the federal retirement for a guardsman. The federal retirement does not allow a guardsman to receive a pension until he or she reaches age 60, while their active duty counterpart may draw a pension immediately upon retirement. To be eligible for this program, a Virginia guardsman must have served and qualified for at least 20 years of creditable military service, including National Guard, reserve and active duty. The last ten years must have been as a member of the Virginia National Guard. Members must be honorably discharged. The general fund cost of this program is estimated to increase to $1,048,000 per year by FY 2010.)