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2008 Session

Budget Amendments - HB30 (Conference Report)

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Health Insurance OPEB Funding

Item 472 #4c

Item 472 #4c

First Year - FY2009 Second Year - FY2010
Procedures for Prepayment of Civil Penalties in an Executive Order
Central Appropriations FY2009 ($11,680,611) FY2010 ($7,003,078) GF

Language
Page 421, line 46, strike "$23,190,703" and insert "$11,510,092".
Page 421, line 46, strike "$141,605,634" and insert "$134,602,556".
Page 427, strike lines 14 to 33.
Page 429, after line 23, insert:
"P. The Commonwealth shall refrain from pre-funding of the future actuarial liabilities resulting from the indirect subsidy for early retiree health benefits, pending the outcome of a review of such health insurance program by the Department of Human Resource Management, including the indirect subsidy therefore.  General funds budgeted to state agencies for this purpose estimated at $6,711,290 the first year and $7,003,078 the second year shall revert to this item."


Explanation
(This amendment captures savings of $11.7 million from the general fund the first year and $7.0 million from the general fund the second year from a pause in the pre-funding of the future actuarial liabilities of early retirement health insurance, pending the outcome of a study.)