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Decision Package
Central Appropriations (995)
Request Title Adjust funding for state employee retirement costs
Biennium 2024-2026
Budget Round Initial Bill
Category Unanticipated and unavoidable cost adjustments
Region None
Description

Provides general fund support for the changes in employer contribution rates for state employee retirement. Funding is provided for the defined benefit contribution rates certified by the Virginia Retirement System Board of Trustees for the Virginia Retirement System for state employees and the State Police Officers' Retirement System, and based on the June 30, 2023, valuation for 2025 and 2026. The Virginia Retirement System defined benefit contribution rates for Judicial Retirement System and Virginia Law Officers' Retirement System are maintained at their existing level, which are higher contribution rates than what was certified by the Board of Trustees. The funding provided takes into account the estimated employer contributions for the hybrid retirement program's defined contribution component, which will be charged separately to employers based on legislation effective July 1, 2024.

Funding Summary
Object Type FY 2024 FY 2025  
General Fund Dollars ($8,299,411) ($6,938,318)  
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 2024 FY 2025
  757 Compensation And Benefit Adjustments ($8,299,411) ($6,938,318)
By Fund Fund Code Fund Title FY 2024 FY 2025
  01000 General Fund ($8,299,411) ($6,938,318)
Authorized Position Details
By Program Program Code Program Title FY 2024 FY 2025


p3_opview - Official Enacted Budget View Operating Bullet Details - 06-07-2025 05:37:29