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2002 Session

Budget Bill - HB29 (Introduced)

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Virginia Retirement System

Item 566

Item 566 (Not set out)

First Year - FY2001Second Year - FY2002
Administrative and Support Services (74900)$16,410,366$16,104,624
General Management and Direction (74901)FY2001 $11,672,621FY2002 $11,624,879
Computer Services (74902)FY2001 $4,737,745FY2002 $4,479,745
Fund Sources:  
Trust and AgencyFY2001 $16,410,366FY2002 $16,104,624

Authority: Title 51.1, Chapters 1, 2, and 3, Code of Virginia.


A. Out of the amounts appropriated to this Item, the Director is authorized to expend an amount not to exceed $25,000 the first year and $25,000 the second year for expenses commonly borne by business enterprises. Such expenses shall be recorded separately by the agency.


B. The procurement of services by the Virginia Retirement System related to the management of authorized investments, including but not limited to actuarial services and services related to disability determination, shall be governed by the standards set forth in § 51.1-808, Code of Virginia, and shall not be subject to the provisions of Chapter 7 (§ 11-35 et seq.) of Title 11, Code of Virginia.


C. Any employee with fifteen years or more of full-time or part-time service, and was employed in a part-time capacity from July 1, 1978 through June 30, 1987 in the judicial branch of government, serving in the defense of the indigent, shall be entitled to a compilation of all full-time or part-time service to be counted toward that person's creditable service in the Virginia Retirement System. Part-time service is defined as a minimum of five months of service for each calendar year.


D. Any member who served as an "at will" employee as defined under Senate Bill 643 (1985) during the years 1985 to 1995 whose service was terminated and who subsequently returned to classified state employment shall be eligible to purchase such lost service under the provisions of § 51.1-142 Code of Virginia.


E. Any employee with fifteen years or more of full-time or part-time service, and employed prior to 1983, in the legislative branch of government shall be entitled to a compilation of all full-time or part-time service to be counted toward that person's creditable service in the Virginia Retirement System. Part-time service is defined as a minimum of five months of service for each calendar year.


F. Consistent with common practice among large public employee retirement systems, the Board of Trustees of the Virginia Retirement System shall conduct annual valuation studies of the Virginia Retirement System, the State Police Officers Retirement System, the Virginia Law Officers Retirement System, and the Judicial Retirement System. Prior to November 1, 2000, the Board may make such changes in state and local employer retirement contribution rates for fiscal year 2002, as are warranted based on such annual valuations.


G.1. The Board of Trustees of the Virginia Retirement System shall take all necessary steps to immediately implement a policy for and conduct a study of the identification and resolution of dormant accounts in the retirement and ancillary programs administered by the Virginia Retirement System. This study shall include an examination of the status of accounts to include the determination of the number and value of accounts deemed to be unlocatable. The Board shall report its findings to the Governor and the Chairmen of the House Appropriations and Senate Finance Committees by September 1, 2002.


2. Any accounts as determined by the criteria established by the Board of Trustees, as unlocatable or claimed by October 1, 2002, shall be removed as a liability of the Virginia Retirement System. The Board shall develop a set of criteria for handling all such unlocatable accounts.


3. All agencies and institutions of the Commonwealth shall provide such assistance as requested by the Virginia Retirement System to assure a timely completion of this study.


H. The Board of Trustees of the Virginia Retirement System is hereby authorized to provide renumeration, from the Virginia Sickness and Disability Program Trust Fund, to any third party vendor for expenses incurred during negotiation and implementation of Paragraph N, Item 547 of Chapter 1073, 2000 Acts of Assembly.


I. The Board of Trustees of the Virginia Retirement System is hereby authorized to charge a participation fee to each employer served by the Virginia Retirement System for any services provided pursuant to Title 51.1,Code of Virginia. The fee shall be utilized to pay the administrative expenses incurred by the Virginia Retirement System in connection with the establishment, oversight, and or administration of all plans for which the Virginia Retirement System has any responsibility pursuant to Title 51.1, Code of Virginia. The fee shall be credited toward any retirement contributions required by the Board in a manner prescribed by the Board of Trustees.