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_ 622 Item Details($) Appropriations($) ITEM 469. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 155.2. c. The retirement allowance for any employee electing to retire under this paragraph who, by adding years to his age, is between ages fifty-five and sixty-five, shall be reduced on the actuarial basis provided in subdivision A. 2. of § 51.1-155. d. The retirement program provided in this subparagraph shall be otherwise governed by policies and procedures developed by the Virginia Retirement System. e. Costs associated with the provisions of this subparagraph shall be factored into the employer contribution rates paid to the Virginia Retirement System. f. Notwithstanding the foregoing, the provisions of this paragraph L shall apply to an otherwise eligible employee who is a person who becomes a member on or after July 1, 2010, a person who does not have 60 months of creditable service as of January 1, 2013, or a person who is enrolled in the hybrid retirement program described in § 51.1-169, mutatis mutandis. M.1. a. In order to address the potential for stranded liability in the Virginia Retirement System, notwithstanding any other contrary provisions of the Appropriation Act or of § 51.1- 145, institutions of higher education that have established their own optional retirement plan under § 51.1-126(B) shall pay, effective July 1, 2019, contributions to the employer's retirement allowance account in an amount equal to that portion of the state employer contribution rate designated to pay down the total unfunded accrued liability, for any positions existing as of December 31, 2011 that are subsequently converted from non- Optional Retirement Plan for Higher Education (ORPHE) eligible positions to ORPHE- eligible positions on or after January 1, 2012 and that are filled by an employee who elects to participate in the ORPHE. In meeting this obligation, each institution shall provide to the Virginia Retirement System by April 1 of each year a list of all positions converted from non- ORPHE eligible positions to ORPHE-eligible positions since January 1, 2012, and whether current employees in such positions have elected ORPHE participation. b. Such contributions shall not be required for any new position established by the institution after January 1, 2012, that may be eligible for participation in the Optional Retirement Plan for Higher Education. 2. Furthermore, the Department of Accounts, the Virginia Retirement System, and the universities of higher education shall work to develop a methodology to identify and report separately personnel services expenditures for university personnel in positions that use to be classified positions but have been transitioned to university staff positions. N. The Director, Department of Planning and Budget, shall transfer from this Item general fund amounts estimated at $1,964,846 $1,547,181 the first year and $1,964,846 the second year to state agencies and institutions of higher education to support the general fund portion of costs of Line of Duty Act premiums based on the latest enrollment update from the Virginia Retirement System. The funding included in this item is based on the contribution rate of $1,015.00 per FTE. O. The Director, Department of Planning and Budget, shall withhold and transfer to this Item, general fund amounts estimated at $1,477,941 the first year and $1,729,635 $2,750,900 the second year from state agencies and institutions of higher education to recognize the general fund portion of savings associated with the latest workers' compensation premiums provided by the Department of Human Resource Management. P. The following agency heads, at their discretion, may utilize agency funds to implement the provisions of new or existing performance-based pay plans: 1. The heads of agencies in the Legislative and Judicial Departments; 2. The Commissioners of the State Corporation Commission and the Virginia Workers' Compensation Commission; 3. The Attorney General; 4. The Director of the Virginia Retirement System; 5. The Executive Director of the Virginia Lottery;