Bluefield Daily Telegraph, Bluefield, WV

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July 26, 2013

Virginia AG seeks funds for police pension plans

RICHMOND, Va. — Attorney General Ken Cuccinelli is asking the federal government to release $30 million from a Medicaid fraud settlement to shore up two underfunded retirement plans for Virginia law enforcement officers.

The attorney general’s office made the request to the U.S. Treasury Department this week.

Treasury has determined that Virginia is entitled to $115 million for leading the investigation that led to a $1.5 billion national settlement with Abbott Laboratories. The attorney general’s office already has received $10 million to spend on internal programs. The remaining $105 million must be spent on law enforcement or public safety, and the specific plans require Treasury Department approval.

Cuccinelli says it’s important to put the retirement programs on stable financial footing to avoid problems with morale, recruitment and retention.

 

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