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2000 SESSION

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HB 268 Retirement System; purchase of service credit.

Introduced by: Frank D. Hargrove, Sr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Retirement System; purchase of service credit. Permits state employees who formerly worked for certain political subdivisions to purchase the amount of service credit in their retirement accounts with the political subdivisions that otherwise did not transfer into their retirement account with the Virginia Retirement System. The employee must pay an amount equal to five percent of his present annual compensation for each year to be credited or five percent of his average annual creditable compensation during his thirty-six highest consecutive months of creditable service, whichever is greater.

FULL TEXT

• 01/12/00  House: Presented & ordered printed 008695764  pdf

HISTORY

• 01/12/00  House: Presented & ordered printed 008695764
• 01/12/00  House: Referred to Committee on Appropriations
• 02/08/00  House: Continued to 2001 in Appropriations (29-Y 0-N)