Central Appropriations (995)
Request Title | Provide funding for increases in the cost of state employee retirement |
Biennium | 2014-2016 |
Budget Round | Initial Bill |
Category | Unanticipated and unavoidable cost adjustments |
Region | Multiple Regions |
Description
Provides additional funding for the increased costs associated with state employee retirement benefits based on the June 30, 2013, Virginia Retirement System valuation for 2015 and 2016. The funding amounts assume a seven percent investment rate of return, a 2.5 percent rate of inflation, and a 30-year amortization. The funding does not include any amounts for the payback of deferred contributions from 2011 and 2012. That funding will be provided in a separate amendment. |
Funding Summary
Object Type | FY 2014 | FY 2015 | |
General Fund Dollars | $48,785,415 | $48,785,415 | |
Nongeneral Fund Dollars | $0 | $0 | |
General Fund Positions | 0.00 | 0.00 | |
Nongeneral Positions | 0.00 | 0.00 | |
General Fund Transfers | $0 | $0 | |
General Fund Revenue | $0 | $0 | |
Layoffs | $0 | $0 | |
Additions to Balance | $0 | $0 |
Funding Details
By Program | Program Code | Program Title | FY 2014 | FY 2015 |
757 | Compensation And Benefit Adjustments | $48,785,415 | $48,785,415 | |
By Fund | Fund Code | Fund Title | FY 2014 | FY 2015 |
0100 | General Fund | $48,785,415 | $48,785,415 |
Authorized Position Details
By Program | Program Code | Program Title | FY 2014 | FY 2015 |
p3_opview - Official Enacted Budget View Operating Bullet Details - 06-06-2025 12:38:36