51.1-1140 - Funding of program; Disability Insurance Trust Fund established. - Virginia Statutes

§ 51.1-1140. Funding of program; Disability Insurance Trust Fund established.

A. The costs of providing sick leave, family and personal leave, andshort-term disability benefits shall be paid by state agencies from funds asshall be appropriated by law to state agencies.

B. State agencies shall pay to the Board, from funds as shall be appropriatedby law to state agencies, contribution amounts, to be determined by theBoard, to provide the Board with such funds as shall be required from time totime to (i) obtain and maintain long-term disability insurance policies underthis chapter, and (ii) administer the Program, including providing casemanagement and cost containment programs. Contributions shall be deposited inthe Disability Insurance Trust Fund.

C. There is hereby established the Disability Insurance Trust Fund. The costsincurred by the Board in providing policies of long-term disability insuranceand administering the Program and in administering the long-term careinsurance program established under § 51.1-1135.2, including the provision ofcase management and cost containment programs, shall be withdrawn from timeto time by the Board from the Disability Insurance Trust Fund. The funds ofthe Disability Insurance Trust Fund shall be deemed separate and independenttrust funds, shall be segregated from all other funds of the Commonwealth,and shall be invested and administered solely in the interests of theparticipating employees and beneficiaries thereof. Neither the GeneralAssembly nor any public officer, employee, or agency shall use or authorizethe use of such trust funds for any purpose other than as provided in law forbenefits, refunds, and administrative expenses, including but not limited tolegislative oversight of the Disability Insurance Trust Fund.

(1998, c. 774; 2002, cc. 663, 697.)