Central Appropriations (995)
| Request Title | Provide funding for changes in the cost of state employee retirement |
| Biennium | 2016-2018 |
| Budget Round | Initial Bill |
| Category | Other spending or initiatives |
| Region | None |
Description
|
Provides additional funding for the increased costs associated with state employee retirement benefits based on the June 30, 2015 Virginia Retirement System (VRS) valuation for 2017 and 2018. 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 also assumes that retirement contributions are funded at 100 percent of the VRS Board certified rate. |
Funding Summary
| Object Type | FY 2016 | FY 2017 | |
| General Fund Dollars | $11,508,646 | $12,009,015 | |
| 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 2016 | FY 2017 |
| 757 | Compensation And Benefit Adjustments | $11,508,646 | $12,009,015 | |
| By Fund | Fund Code | Fund Title | FY 2016 | FY 2017 |
| 01000 | General Fund | $11,508,646 | $12,009,015 |
Authorized Position Details
| By Program | Program Code | Program Title | FY 2016 | FY 2017 |
p3_opview - Official Enacted Budget View Operating Bullet Details - 06-05-2025 18:24:41
