2010 Session

Budget Amendments - HB30 (Floor Approved)

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Restore Funding for Deferred Compensation Program

Item 469 #3h

Item 469 #3h

First Year - FY2011 Second Year - FY2012
Central Appropriations
Central Appropriations FY2011 $11,855,589 FY2012 $11,855,589 GF

Page 327, line 15, strike "($38,270,141)" and insert "($26,414,552)".
Page 327, line 15, strike "$11,041,200" and insert "$22,896,789".
Page 327, strike lines 46 and 47 and insert:
"D. The Governor is hereby authorized to transfer funds from agency appropriations to the accounts of participating state employees in such amounts as may be necessary to match the contributions of the qualified participating employees, consistent with the requirements of the Code of Virginia governing the deferred compensation cash match program. Such transfers shall be made consistent with the following:
1. The maximum cash match provided to eligible employees shall not be less than $20.00 per pay period, or $40.00 per month. The Governor may direct the agencies of the Commonwealth to utilize funds contained within their existing appropriations to meet these requirements.
2. The Governor may direct agencies supported in whole or in part with nongeneral funds to utilize existing agency appropriations to meet these requirements. Such nongeneral revenues and balances are hereby appropriated for this purpose, subject to the provisions of § 4-2.01 b of this act. The use of such nongeneral funds shall be consistent with any existing conditions and restrictions otherwise placed upon such nongeneral funds.
3. Employees who are otherwise eligible but whose 403 (b) provider does not participate in the cash match program by establishing a 401 (a) account are ineligible to receive a cash match.
4. The procurement of services related to the implementation of this program shall be governed by standards set forth in § 51.1-124.30 C, Code of Virginia, and shall not be subject to the provisions of Chapter 7 (§ 11-35 et seq.), Title 11, Code of Virginia."
Page 328, strike lines 1 through 14.

(This amendment restores funding for the state match for the state employee deferred compensation program which was eliminated in the introduced budget. In addition to restoring $11.8 million general fund each year for the cash match program, this amendment deletes language which authorized $7.0 million in nongeneral fund transfers each year which would have resulted from the proposal to eliminate state funding for the program.)