2022 Special Session I

Budget Amendments - HB30 (Conference Report)

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Review of Return to Work Policies for Retired Employees

Item 498 #2c

Item 498 #2c

First Year - FY2023 Second Year - FY2024
Independent Agencies
Virginia Retirement System FY2023 $250,000 FY2024 $0 NGF

Page 518, line 38, strike "$19,038,287" and insert "$19,288,287".

Page 520, after line 2, insert:

"I.  The Virginia Retirement System shall conduct a review of Virginia's current return to work provisions.  The review shall include an overview of the Internal Revenue Service laws and regulations regarding return to work, an analysis of Virginia's return to work provisions comparative to those of other public employee pension plans, and an actuarial analysis of potential modifications to the return to work provisions. The Virginia Retirement System shall complete the review and report its findings to the Chairs of the House Appropriation and Senate Finance and Appropriations Committees by December 15, 2022."


(This amendment requires the VRS to conduct a review of Virginia's return to work policy regarding individuals who have retired and wish to return to work in a VRS covered position and compare it to policies in other states. The amendment includes $250,000 from the nongeneral fund to support costs incurred in conducting the review.)