2015 Session

Budget Amendments - SB800 (Floor Approved)

View Budget Item
View Budget Item amendments

Unclaimed Property (SB 1305)

Item 136 #11s

Item 136 #11s

First Year - FY2015 Second Year - FY2016
Education: Elementary and Secondary
Direct Aid To Public Education FY2015 $0 FY2016 $12,000,000 GF
FY2015 $0 FY2016 ($12,000,000) NGF

Page 125, line 35, strike "$120,991,825" and insert "$108,991,825".

(This amendment provides $12.0 million GF for the estimated cost to backfill the annual loss of budgeted/forecast NGF, beginning in FY 2016, due to Senate Bill 1305 related to the use of the Death Master File (DMF) by life insurance companies to find beneficiaries only for those policies issued after January 1, 2016. These NGF amounts currently fund SOQ teacher retirement costs. The Literary Fund forecast of unclaimed property transfers currently assumes continued audits and compliance related to existing settlement agreements between at least 13 life insurance companies so far (beginning with Prudential in March 2012 through Genworth in January 2014) and the State Corporation Commission to routinely review policies currently in force against the DMF. Insurers have returned approximately $11.4 million to Virginia citizens in addition to the additional remittances to unclaimed property that may result in identification of additional living beneficiaries.)