2023 Session

Budget Amendments - HB1400 (Member Request)

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Chief Patron: Carr
Provide One-Time Additional COLA Adjustment to Retirees

Item 483 #6h

Item 483 #6h

First Year - FY2023 Second Year - FY2024
Central Appropriations
Central Appropriations FY2023 $0 FY2024 $48,900,000 GF

Page 564, line 21, strike "$823,699,360" and insert "$872,599,360".

Page 566, line 48, strike "$13,807,183" and insert "$15,407,183".

Page 574, after line 52, insert"

"BB.1. Notwithstanding the provisions of § 51.1-166(B), Code of Virginia, the calculation for the annual cost of living adjustment provided to retirees in the Virginia Retirement System, based on inflation during the 2022 calendar year, shall not be capped at the statutory upper limit.

2. Out of the amounts appropriated for this item, $48,900,000 from the general fund in the second year is provided to transfer to the Virginia Retirement System to cover the additional cost that will be incurred as a result of the uncapped COLA adjustment."


(This amendment provides $48.0 million from the general fund in fiscal year 2024 to transfer to fund the impact of not capping the COLA calculation for fiscal year 2022 due to the high inflation.)