Item 473 | First Year - FY2007 | Second Year - FY2008 |
|---|---|---|
| Personnel Management Services (70400) | $8,689,217 | $9,050,799 |
| Administration of Retirement and Insurance Programs (70415) | FY2007 $8,689,217 | FY2008 $9,050,799 |
| Fund Sources: | ||
| General | FY2007 $78,000 | FY2008 $78,000 |
| Trust and Agency | FY2007 $8,611,217 | FY2008 $8,972,799 |
Authority: Title 51.1, Chapters 1, 2, 2.1, and 3, Code of Virginia.
A. The Board of Trustees of the Virginia Retirement System is hereby authorized to charge a participation fee to each employer served by the Virginia Retirement System for any services provided pursuant to Title 51.1 of the Code of Virginia. The fee shall be utilized to pay the administrative expenses of all administrative services, including non-retirement programs. Retirement contributions required by the Board shall be reduced to pay such fees in a manner prescribed by the Board of Trustees.
B. Included in this appropriation is $78,000 each year from the general fund for administrative costs associated with and contribution supplements for the Volunteer Firefighters' and Rescue Squad Workers' Service Award Program.
C. State agencies and institutions of higher education shall make payments to the Virginia Retirement System for retirement contributions, Virginia Sickness and Disability Program contributions, and retiree healthcare credit contributions on a quarterly basis.
D. Any person included in the membership of a retirement system provided by Chapter 1 (§ 51.1-124.1 et seq.), 2 (§ 51.1-200 et seq.), 2.1 (§ 51.1-211 et seq.), or 3 (§ 51.1-300 et seq.) of Title 51.1, Code of Virginia, who (i) rendered at least 15 years of total creditable service as a local officer as defined in § 51.1-124.3 or as an employee of a local social services board and (ii) after terminating service as a local officer or employee of a local social service board, was employed by a local government that does not elect to provide a health insurance credit under § 51.1-1402, shall be eligible for the credit provided by § 51.1-1403, provided that the retired employee is participating in a health insurance plan. The Commonwealth shall be charged with the credit as provided for in subsection A of § 51.1-1403. In such case, the health insurance credit shall be determined based upon the amount of state service or service as a local officer or employee of a local social service board, whichever is greater.
E. The Virginia Retirement System shall conduct a post-implementation review of the Virginia Sickness and Disability Program. The purpose of this review is to benchmark the program against current industry standards and best practices that could be implemented in the Commonwealth. Customer satisfaction surveys shall be conducted as part of the review. The Department of Human Resource Management and other agencies of the Commonwealth will provide assistance to the Virginia Retirement System upon request. The Virginia Retirement System shall report its findings and recommendations to the Chairmen of House Appropriations and Senate Finance Committees by November 1, 2007.
F. Notwithstanding the provisions of §§ 51.1-206 and 51.1-157, Code of Virginia, any member of the State Police Officers' Retirement System (SPORS) in service on or after July 1, 2007, shall be eligible for a retirement allowance equal to 1.85 percent of the member's average final compensation multiplied by the amount of creditable service. Notwithstanding the foregoing, any person being afforded the benefits described under § 51.1-138 B, Code of Virginia, shall receive a retirement allowance equal to his creditable service multiplied by 1.70 percent of his average final compensation.