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2022 Special Session I

Budget Amendments - HB30 (Conference Report)

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Provide Funding for Retiree Health Care Credit

Item 483 #2c

Item 483 #2c

First Year - FY2023 Second Year - FY2024
Central Appropriations
Central Appropriations FY2023 $25,309,001 FY2024 $55,100,000 GF

Language
Page 495, line 12, strike "$293,357,683" and insert "$318,666,684".
Page 495, line 12, strike "$591,271,634" and insert "$646,371,634".

Page 504, after line 4, insert:

"X. On or before June 30, 2023, the State Comptroller shall deposit $25,309,001 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 $24,318,170 to the health insurance credit plan for state employees; and

2. An amount estimated at $990,831 to the health insurance credit plan for local social services employees.

Y. On or before June 30, 2024, the State Comptroller shall deposit $55,100,000 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 $52,800,000 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; and

3. An amount estimated at $723,983 to the health insurance credit plan for local social services employees."



Explanation

(This amendment provides $80.4 million from the general fund in over the biennium 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%.)