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2022 Session

Budget Amendments - HB30 (Committee Approved)

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Provide Funding for Retiree Health Care Credit

Item 483 #3h

Item 483 #3h

First Year - FY2023 Second Year - FY2024
Central Appropriations
Central Appropriations FY2023 $80,435,018 FY2024 $0 GF

Language
Page 495, line 12, strike "$293,357,683" and insert "$373,792,701".

Page 504, after line 4, insert:

"X. On or before June 30, 2023, the State Comptroller shall deposit $80,435,018 from the general fund into the Virginia Retirement System trust fund to address the unfunded liabilities for the retiree health care plans. The Virginia Retirement System shall allocate these funds in the following manner in an effort to address the unfunded liabilities associated with the plans:

1. An amount estimated at $77,118,170 to the health insurance credit plan for state employees.

2. An amount estimated at $1,576,017 to the health insurance credit plan for Constitutional Officers and their employees.

3. An amount estimated at $1,740,831 to the health insurance credit plan for local social services employees."



Explanation

(This amendment provides $80.4 million from the general fund in fiscal year 2023 to VRS to increase the funded status for the retiree health credit plans for state employees, employees of the constitutional offices and local social service departments up to 30%.)