2023 Session

Budget Amendments - SB800 (Member Request)

View Budget Item
View Budget Item amendments

Chief Patron: Norment
Annuity for Service

Item 277 #2s

Item 277 #2s

First Year - FY2023 Second Year - FY2024
Department of the Treasury FY2023 $0 FY2024 $200,000 GF

Page 315, line 18, strike "$48,351,180" and insert "$48,551,180".

Page 316, after line 41, insert:

"O. Notwithstanding any other provision of law, any person who has served as special counsel by contract to any committee of the General Assembly for a period of at least 20 consecutive years shall be awarded compensation in the form of an annuity to be purchased for an amount not greater than $200,000. The State Comptroller shall purchase an annuity from any A+ rated company, including any A+ rated company from which the Virginia Lottery may purchase an annuity, to provide equal monthly payments to such person for a period certain of 25 years commencing no earlier than one full calendar month and no later than two full calendar months after such person's last date of service to the General Assembly. The annuity shall provide that it shall not be sold, discounted, or used as securitization for loans and mortgages by the person awarded compensation. The annuity shall, however, contain beneficiary provisions providing for the annuity's continued disbursement in the event of the death of the person awarded compensation. All payments or costs of annuities shall be made by check issued by the State Treasurer on the warrant of the Comptroller."


(This amendment adds $200,000 GF the second year to provide an annuity to any person who has served as special counsel by contract to a committee of the General Assembly for at least 20 consecutive years.)