Bill Text: VA SB211 | 2013 | Regular Session | Comm Sub
Bill Title: Comptroller; assignment of general fund balance remaining at year end.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-11-30 - Left in Finance [SB211 Detail]
Download: Virginia-2013-SB211-Comm_Sub.html
12105244D
Be it enacted by the General Assembly of Virginia: 1. That §2.2-1514, as it is currently effective and as it may become effective, of the Code of Virginia is amended and reenacted as follows: §2.2-1514. (Contingent expiration date - see Editor's notes) Assignment of general fund for nonrecurring expenditures. A. As used in this section: "The Budget Bill" means the "The Budget Bill" submitted pursuant to §2.2-1509, including any amendments to a general appropriation act pursuant to such section. "Nonrecurring expenditures" means the acquisition or construction of capital outlay projects as defined in §2.2-1518, the acquisition or construction of capital improvements, the acquisition of land, the acquisition of equipment, or other expenditures of a one-time nature as specified in the general appropriation act. Such term shall not include any expenditures relating to transportation, including but not limited to transportation maintenance. B. At the end of each fiscal year, the Comptroller shall
assign within his annual report pursuant to §2.2-813 as follows: C. After the full amounts required for clauses (i) through (vii) of subsection B have been set aside, one-sixth of the remaining amount of the general fund balance shall be set aside pursuant to this subsection if (i) at the end of the fiscal year the ratio of actuarial assets to actuarial liabilities is less than 0.80 for any of the defined benefit retirement plans established under Chapter 1 (§51.1-124.1 et seq.), 2 (§51.1-200 et seq.), 2.1 (§51.1-211 et seq.), or 3 (§51.1-300 et seq.) of Title 51.1 or (ii) for the fiscal year just ended, the contribution by the Commonwealth for certain optional retirement plans under §51.1-126 is less than the minimum contributions set forth in subdivision F 1 of §51.1-126, as in effect on January 1, 2011. The one-sixth of the remaining amount of the general fund balance shall be set aside as follows: 75 percent to the Virginia Retirement System as additional contributions to the defined benefit retirement plans described in clause (i) to the extent needed in order that the ratio of actuarial assets to actuarial liabilities is at least 0.80 for all of the defined benefit retirement plans, and 25 percent to be paid as additional contributions to the optional retirement plans described in clause (ii) of employees in service in the current fiscal year in order to fund the difference between the minimum contributions set forth in subdivision F 1 of §51.1-126, as in effect on January 1, 2011, and the actual contributions made by the Commonwealth in the fiscal year just ended. If the full amount set aside for contributions to the defined benefit retirement plans or the optional retirement plans is not needed to meet the respective condition, any excess shall be used to meet the remaining condition in clause (i) or clause (ii), as applicable. If the full one-sixth of the remaining general fund balance set aside under this subsection is not needed to meet the conditions in clauses (i) and (ii), any excess shall be set aside or assigned for nonrecurring expenditures and deposit into the Transportation Trust Fund pro rata using the percentages for assignments for nonrecurring expenditures and deposit into the Transportation Trust Fund provided under subsection B.
§2.2-1514. (Contingent effective date - see Editor's notes) Assignment of general fund for nonrecurring expenditures. A. As used in this section: "The Budget Bill" means the "The Budget Bill" submitted pursuant to §2.2-1509, including any amendments to a general appropriation act pursuant to such section. "Nonrecurring expenditures" means the acquisition or construction of capital outlay projects as defined in §2.2-1518, the acquisition or construction of capital improvements, the acquisition of land, the acquisition of equipment, or other expenditures of a one-time nature as specified in the general appropriation act. B. At the end of each fiscal year, the Comptroller shall
assign within his annual report pursuant to §2.2-813 C. After the full amounts required for clauses (i) through (vii) of subsection B have been set aside, one-sixth of the remaining amount of the general fund balance shall be set aside pursuant to this subsection if (i) at the end of the fiscal year the ratio of actuarial assets to actuarial liabilities is less than 0.80 for any of the defined benefit retirement plans established under Chapter 1 (§51.1-124.1 et seq.), 2 (§51.1-200 et seq.), 2.1 (§51.1-211 et seq.), or 3 (§51.1-300 et seq.) of Title 51.1 or (ii) for the fiscal year just ended, the contribution by the Commonwealth for certain optional retirement plans under §51.1-126 is less than the minimum contributions set forth in subdivision F 1 of §51.1-126, as in effect on January 1, 2011. The one-sixth of the remaining amount of the general fund balance shall be set aside as follows: 75 percent to the Virginia Retirement System as additional contributions to the defined benefit retirement plans described in clause (i) to the extent needed in order that the ratio of actuarial assets to actuarial liabilities is at least 0.80 for all of the defined benefit retirement plans, and 25 percent to be paid as additional contributions to the optional retirement plans described in clause (ii) of employees in service in the current fiscal year in order to fund the difference between the minimum contributions set forth in subdivision F 1 of §51.1-126, as in effect on January 1, 2011, and the actual contributions made by the Commonwealth in the fiscal year just ended. If the full amount set aside for contributions to the defined benefit retirement plans or the optional retirement plans is not needed to meet the respective condition, any excess shall be used to meet the remaining condition in clause (i) or clause (ii), as applicable. If the full one-sixth of the remaining general fund balance set aside under this subsection is not needed to meet the conditions in clauses (i) and (ii), any excess shall be set aside or assigned for nonrecurring expenditures.
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