2.2-904 - Workforce Retraining Program. - Virginia Statutes

§ 2.2-904. Workforce Retraining Program.

A. The Department shall develop a program to provide consulting services andfunding to assist companies and businesses with retraining their existingworkforces to increase productivity.

B. There is hereby established in the state treasury a special nonrevertingfund to be known as the Workforce Retraining Fund. The Fund shall consist ofany moneys appropriated thereto by the General Assembly from time to time anddesignated for the Fund. Any moneys deposited to or remaining in the Fundduring or at the end of each fiscal year or biennium, including interestthereon, shall not revert to the general fund but shall remain in the Fundand be available for allocation under this article in ensuing fiscal years.

C. To be eligible for moneys from the Fund, a company shall:

1. Demonstrate that it is undergoing integration of new technology into itsproduction process, a change of product line in keeping with marketplacedemands, or substantial change to its service delivery process that wouldrequire assimilation of new skills and technological capabilities by thefirm's existing labor force;

2. Demonstrate that, for each such integration of new technology into itsproduction process, change of product line in keeping with marketplacedemands, or substantial change to its service delivery process:

a. No less than 10 and no more than 200 full-time employees are involved; and

b. A minimum capital investment of $500,000 is committed within a 12-monthperiod;

3. Certify that:

a. The company has not received moneys from the Fund in the previous 24months;

b. The company counted only full-time employees to qualify for the program;and

c. Such full-time employees carry a minimum pay rate of $8 per hour; and

4. Meet such additional criteria as may be promulgated by the Department.

D. As used in this section:

"Capital investment" means an investment in real property, personalproperty, or both, at a manufacturing or basic nonmanufacturing facilitywithin the Commonwealth that is capitalized by the company and that increasesthe productivity of the manufacturing facility, results in the utilization ofa more advanced technology than is in use immediately prior to suchinvestment, or both. In order to qualify as a capital investment, aninvestment in technology shall result in a measurable increase in capacity orproductivity, a measurable decrease in the production of flawed product, orboth.

"Full-time employee" means a natural person employed for indefiniteduration, requiring a minimum of either (i) 35 hours of the employee's timeper week for the entire normal year, which "normal year" must consist of atleast 48 weeks or (ii) 1,680 hours per year. Seasonal or temporary employeesshall not qualify as new full-time employees under this section.

E. Moneys in the Fund shall be used solely for grants to eligible businessesas provided in this section. The total amount of funds provided to eligiblebusinesses under this section for any year shall not exceed the amountappropriated by the General Assembly to the Fund for such year. Expendituresand disbursements from the Fund shall be made by the State Treasurer onwarrants issued by the Comptroller upon written request signed by theDirector or his designee. The Fund shall be administered by the Director.

(2003, c. 338.)