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Decision Package
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