A. The Department of Human Resource Management shall provide staff support to the Commission. Technical assistance shall be provided by the staff of the Virginia Retirement System, the Committee on House Appropriations, the Committee on Senate Finance, and the Division of Legislative Services. Administrative staff support shall be provided by the Office of the Clerk of the House of Delegates.

B. In conducting its study, the Commission may employ actuaries and other experts, conduct statistical analyses, engage in financial modeling, and undertake such other activities it deems appropriate in furtherance of and consistent with its duties under this chapter. The costs for such actuaries, experts, statistical analyses, and financial models utilized to study retirement plans, retirement options, and other retirement matters on behalf of state employees and employees of political subdivisions and school divisions participating in the Virginia Retirement System shall be paid by the Virginia Retirement System. Such costs shall be borne by each trust fund in the Virginia Retirement System in the same ratio as the assets of each trust fund, as of the preceding June 30, bear to the total trust funds of the Virginia Retirement System on that date. The costs for any non-retirement analysis or consultation shall not be paid from funds of the Virginia Retirement System.

History

2016, c. 683.