2014 Special Session I

Budget Amendments - HB5002 (Floor Approved)

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Transfer NGF Cash Balances to VRS (language only)

Item 3-1.01 #5h

Item 3-1.01 #5h

Interfund Transfers

Page 444, after line 17, insert:
"DD. Contingent on federal approval, the State Comptroller shall transfer $18,000,000 in nongeneral fund cash balances from the Commonwealth's Attorneys' Services Council (Fund 0282 Agency 957) to the Virginia Retirement System for deposits into the State Police Officer Retirement System and the Virginia Law Enforcement Officer Retirement System to be applied towards each systems unfunded liabilities.  The Virginia Retirement System shall deposit $9,000,000 in each of the two systems."

(This amendment transfers $18.0 million from the nongeneral fund in cash balances which were initially generated as a result of criminal asset forfeiture penalties from the Office of Attorney General's case against Abbott Laboratory. Consistent with federal asset forfeiture requirements, the funds will be expended for public safety purposes.)