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2000 SESSION

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HB 135 Retirement System; includes Law Officers' Retirement System.

Introduced by: Lacey E. Putney | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Retirement System. Makes several technical corrections and clarifications to the retirement systems and programs administered by the Virginia Retirement System ("VRS"). The legislation (i) brings the newly created Virginia Law Officers' Retirement System ("VaLORS") into conformity with other VRS retirement programs by adding VaLORS to the list of VRS retirement programs that are conditionally exempt from the Privacy Protection Act, adding VaLORS members to the list of state employees who are not members of the regular state employee retirement system, adding VaLORS retirees to the other VRS retirees who may participate in the state retiree health insurance program and the group insurance program, adding VaLORS retirees to the VRS retirees who receive the health insurance credit and the option for service credit in lieu of the transitional severance benefit, authorizing service in VaLORS to be credited to members of the Judicial Retirement System, and conforming the administration of VaLORS death benefits to their administration in the State Police Officers' Retirement System; (ii) clarifies that certain retirees are credited with the greater of their years of state service or years as a teacher for establishing the health insurance credit; (iii) provides that the VRS Board may invest the assets of any VRS retirement system or program on a pooled basis; (iv) corrects the reference in § 51.1-142 to the number of years of service above which certain employees may purchase credit for prior years of service, from three to four; (v) provides that the credit for up to one year of service which may be purchased for any leave without pay for the birth or adoption of a child is on a per occurrence basis; (vi) deletes obsolete requirements associated with the Workforce Transition Act; (vii) changes from fifty-five to fifty certain references to minimum age requirements to conform to recent provisions for certain employees who are 50 years old and have at least 30 years of service; (viii) clarifies and brings current the additional retirement allowance which is adjusted biennially and paid to certain retirees until their 65th birthday; (ix) deletes an obsolete retirement benefit for judges; and (x) provides that of the six members appointed by the Governor to the Volunteer Firefighters' and Rescue Squad Workers' Pension Fund Board, three shall come from a list provided by the Virginia State Firefighter's Association and three from the Virginia Association of Volunteer Rescue Squads.


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