Virginia Retirement System (158)
| Request Title | Fund separation of rates for hybrid plan components per HB 473/SB 70 |
| Biennium | 2022-2024 |
| Budget Round | Initial Bill |
| Half Sheet Number | 498 #1c |
Description
|
This amendment provides $500,000 from the nongeneral fund the first year and $514,000 from the nongeneral fund the second year for the VRS to fund the impact of House Bill 473/Senate Bill 70, which instruct the VRS to calculate two separate rates for employers participating in the hybrid plan, a rate for the defined benefit component and a separate rate for the defined contribution component. |
Funding Details
| By Program | Program Code | Program Title | FY 2022 | FY 2023 |
| 704 | Personnel Management Services | $500,000 | $514,000 | |
| By Fund | Fund Code | Fund Title | FY 2022 | FY 2023 |
| 07180 | Vrs Administrative Expense | $500,000 | $514,000 |
Authorized Position Details
| By Program | Program Code | Program Title | FY 2022 | FY 2023 |
p3_opview - Official Enacted Budget View Operating Bullet Details - 01-24-2026 13:56:18
