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2000 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 2.1-20.1:7 of the Code of Virginia is amended and reenacted as follows:
§ 2.1-20.1:7. Health insurance credits for retired constitutional officers, employees of constitutional officers, and local social service employees.
A. A local officer, as defined in § 51.1-124.3, whose service was as a
constitutional officer, sheriff or sheriff's deputy, or an employee of a local
social services board, retired under the Virginia Retirement System who rendered at
least fifteen years of total creditable service under the System shall receive a
health insurance credit to his monthly retirement allowance, which shall be
applied to reduce the retired member's health insurance premium cost. The
amount of each monthly health insurance credit payable under this section shall
be one dollar and fifty cents for each full year of the retired member's
creditable service, not to exceed a maximum monthly credit of forty-five
dollars; however, each former member whose retirement was for disability shall
receive a monthly health insurance credit of forty-five dollars. Eligibility
for the credit shall be determined in a manner prescribed by the Virginia
Retirement System. Any member who elects to defer his retirement pursuant to
subsection C of § 51.1-153 shall be entitled to receive the allowable credit
provided by this section on the effective date of his retirement. The cost of such
credit shall be borne by the Commonwealth.
B. In addition to the health insurance credit authorized in subsection A, localities which participate in the Virginia Retirement System may elect to provide an additional health insurance credit of one dollar per month for each full year of the retired member's creditable service, not to exceed a maximum monthly credit of thirty dollars. The costs of such additional health insurance credit shall be borne by the locality.
C. 1. Those retired employees who purchase an alternative personal health insurance policy from a carrier or organization of their own choosing shall be eligible to receive a credit in the amount specified in subdivision 2 of this section. Eligibility for the credit and payment of the credit shall be determined in a manner prescribed by the Virginia Retirement System.
2. The credit shall be in (i) the amount provided in subsection A, or subsection A and subsection B if the additional credit authorized by subsection B is provided or (ii) the amount of premium paid for the personal health insurance policy, whichever is less.
D. The Virginia Retirement System shall (i) actuarially determine the amount necessary to fund all credits provided under this section, (ii) reflect the cost of such credits in the applicable employer contribution rate pursuant to § 51.1-145, and (iii) prescribe such terms and conditions as are necessary to carry out the provisions of this section. The costs associated with the administration of the health insurance program provided for in this section shall be recovered from the health insurance credit trust fund.