Item 277 | First Year - FY2021 | Second Year - FY2022 |
|---|
|
|
| Personnel Management Services (70400) | $31,049,441
$131,049,441 | $31,359,934 |
| Administration of Retirement and Insurance Programs (70415) | FY2021 $100,000,000 | FY2022 $0 |
| Employee Flexible Benefits Services (70420) | FY2021 $31,049,441 | FY2022 $31,359,934 |
| Fund Sources: | | |
| General | FY2021 $100,000,000 | FY2022 $0 |
| Trust and Agency | FY2021 $31,049,441 | FY2022 $31,359,934 |
Authority: Title 2.2, Chapter 8, Code of Virginia.
1. On or before June 30, 2021, the State Comptroller shall deposit $100,000,000 from the general fund into the Virginia Retirement System trust fund.
2. From these funds, the Virginia Retirement System shall allocate an amount estimated at $61,300,000 to the public school teacher plan, representing the expedited repayment to the Retirement System for the contributions that were deferred during the 2010-2012 biennium.
3. Any remaining balance, estimated at $38,700,000, shall be allocated to the health insurance credit plan for state employees to address the unfunded liability associated with that plan.