2023 Session

Budget Amendments - SB800 (Member Request)

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Chief Patron: Ruff
State Retiree Cost of Living Adjustment

Item 483 #8s

Item 483 #8s

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 574, after line 52, insert:

"CC. Notwithstanding the provisions of § 51.1-166, Code of Virginia, of the amount appropriated in this Item, $48,900,000 the second year from the general fund supports the intent of the General Assembly that the Virginia Retirement System shall distribute a one-time lump sum benefit to retired employees of state agencies in an amount that reflects the difference between the statutorily capped cost of living adjustment and the actual average increase in consumer price index for urban consumers over the previous fiscal year. Such payments shall be disbursed on July 1, 2023."


(This amendment provides $48.9 million GF the second year to support a one-time uncapping of the cost of living adjustment for retired employees of state agencies who receive benefits from the Virginia Retirement System to reflect an unexpected increase in inflation rates. Eligible recipients include those state employees who retired directly from either the State Employees Plan, the State Police Officer's Retirement System, the Virginia Law Officers' Retirement System, or the Judicial Retirement System.)