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_ 619 Item Details($) Appropriations($) ITEM 469. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 contribution component of the hybrid retirement plans. 6. The funding necessary to support the cost of reimbursements to Constitutional Officers for retirement contributions are appropriated elsewhere in this act under the Compensation Board. 7. The funding necessary to support the cost of the employer retirement contribution rate for public school teachers is appropriated elsewhere in this act under Direct Aid to Public Education. I. Rates paid to the Virginia Retirement System on behalf of employees of participating (i) counties, (ii) cities, (iii) towns, (iv) local public school divisions (only to the extent that the employer contribution rate is not otherwise specified in this act), and (v) other political subdivisions shall be based on the employer contribution rates certified by the Virginia Retirement System Board of Trustees pursuant to § 51.1-145(I), Code of Virginia. J.1. Contribution rates paid to the Virginia Retirement System for other employee benefits to include the public employee group life insurance program, the Virginia Sickness and Disability Program, the state employee retiree health insurance credit, and the public school teacher retiree health insurance credit, shall be based on a valuation of assets and liabilities that assume an investment return of 6.75 percent and an amortization period of 20 years. 2. Contribution rates paid on behalf of public employees for other programs administered by the Virginia Retirement System shall be: FY 2025 FY 2026 State employee retiree health insurance credit 1.12% 1.12% Public school teacher retiree health insurance credit 1.21% 1.21% State employee group life insurance program 1.18% 1.18% Employer share of the public school teacher group life insurance program 0.47% 0.47% Virginia Sickness and Disability Program 0.50% 0.50% Constitutional Officers and employees retiree health insurance credit 0.36% 0.36% General Registrar and employees retiree health insurance credit 0.32% 0.32% Employees of local social services boards retiree health insurance credit 0.37% 0.37% 3. Funding for the Virginia Sickness and Disability Program is calculated on a rate of 0.46 percent of total payroll. 4. The Director, Department of Planning and Budget, shall withhold and transfer to this item amounts estimated at $8,197,309 the first year and $8,553,709 the second year, from the general fund from state agencies and institutions of higher education to recognize the net general fund portion of savings associated with changes in employer contributions for state employee benefits as provided in this paragraph. 5. The funding necessary to support the cost of reimbursements to Constitutional Officers for public employee group life insurance contributions is appropriated elsewhere in this act under the Compensation Board. 6. The funding necessary to support the cost of the employer public school teacher group life insurance and retiree health insurance credit rates is appropriated elsewhere in this act under Direct Aid to Public Education. K.1. Notwithstanding the provisions of § 2.2-3205(A), Code of Virginia, the terminating