2010 Session

Budget Amendments - SB30 (Conference Report)

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Restore Funding for Deferred Compensation Program

Item 469 #4c

Item 469 #4c

First Year - FY2011 Second Year - FY2012
Central Appropriations
Central Appropriations FY2011 $5,927,795 FY2012 $11,855,589 GF

Page 327, line 15, strike "($38,270,141)" and insert "($32,342,346)".
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 $10.00 per pay period, or $20.00 per month in the first year, and $20.00 per pay period, or $40.00 per month in the second year. 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.
5.  Pursuant to § 3-1.01 of this act, amounts estimated at $3,491,632 the first year shall be transferred from eligible nongeneral fund accounts to the general fund, representing nongeneral fund savings associated with a reduction in the level of state match, from $20 per pay period to $10 per pay period, in the first year."
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. The amendment restores half of the funding in the first year, $5.9 million and all of the $11.8 million to the general fund in the second year. In addition to restoring the general fund appropriation, it modifies language included in the introduced budget related to the transfer nongeneral fund cash to the general fund as a result of the proposed suspension in the program. The approved budget decreases the match by $10.00 per period in the first year and restores the funding to its current level in the second year.)