Comptroller; assignment of general fund balance remaining at year end. (SB211)
Introduced By
Sen. George Barker (D-Alexandria)
Progress
√ |
Introduced |
X |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Assignment of general fund balance remaining at year end. Changes current law for the assignment of any year-end general fund surplus. The surplus would first be used for any Revenue Stabilization Fund deposit. Next, 30 percent of the remaining amount of the surplus would be set aside as additional contributions (i) for defined benefit retirement plans maintained by the Virginia Retirement System if the ratio of the actuarial assets to actuarial liabilities of any such plan is less than 0.80 and (ii) to the retirement plans of certain employees of public institutions of higher education who elected to be covered for retirement purposes under an optional defined contribution retirement plan in lieu of the Virginia Retirement System defined benefit retirement plan, if certain minimum contributions have not been made to such optional retirement plans. Any general fund balance remaining would then be set aside as provided under current law. Amends § 2.2-1514, of the Code of Virginia. View Full Text »
Outcome
History
- 01/10/2012 Prefiled and ordered printed; offered 01/11/12 12101448D
- 01/10/2012 Referred to Committee on Finance
- 01/24/2012 Impact statement from DPB (SB211)
- 02/08/2012 Committee substitute printed 12105244D-S1
- 02/08/2012 Continued to 2013 in Finance (15-Y 0-N) (see vote tally)
- 11/30/2012 Left in Finance
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