Fraud Settlement to Help Fund Law Enforcement Retirement
VA law officers' retirement system, state police officers' retirement system receive $15 million
Cash from the pockets of criminals is boosting Virginia's vastly underfunded retirement system. Thirty million from a 2012 Medicaid fraud settlement will help pay benefits to some of Virginia's law enforcement officers.
The money from the settlement is designated specifically to help shore up retirement funds for state level law enforcement. The Virginia law officers' retirement system and the state police officers' retirement system both received $15 million Friday afternoon.
The money is part of a $115 million Medicaid fraud settlement reached last year, after the attorney general's office led an investigation into Abbott Laboratories for illegally promoting one of its drugs.
"Abbott Labs broke the law. This asset forfeiture money came from them as part of the final resolution of the case and is helping us play a little catch up on two retirement funds that are under-funded right now," said Cuccinelli.
Attorney General Ken Cuccinelli says maintaining state law enforcement retirement benefits is important for recruitment, retention and morale.
Virginia is still waiting on approval from the U.S. Department of Treasury before doling out more of that $115 million settlement for law enforcement needs across the state.