2021 Special Session I

Budget Bill - HB1800 (Chapter 552)

Department of Accounts Transfer Payments

Item 277

Item 277

First Year - FY2021Second Year - FY2022
Personnel Management Services (70400)$31,049,441
Administration of Retirement and Insurance Programs (70415)FY2021 $100,000,000FY2022 $0
Employee Flexible Benefits Services (70420)FY2021 $31,049,441FY2022 $31,359,934
Fund Sources:  
GeneralFY2021 $100,000,000FY2022 $0
Trust and AgencyFY2021 $31,049,441FY2022 $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.