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2000 SESSION

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HB 423 Retirement System; service credit for accumulated sick leave.

Introduced by: A. Donald McEachin | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Retirement System; service credit for accumulated leave. Permits state employees who are vested in the Virginia Retirement System (VRS) to convert their sick leave, annual leave, personal leave, or compensatory leave balances to retirement service credits at the rate of 173 sick leave hours for each month of service credit, up to a maximum of five years. Current law permits an employee, upon retirement, to use such sums as his employer may provide as payment for any unused sick leave balances to purchase service credit at an amount equal to the lesser of (i) the present value of the actuarial liability represented by additional service as determined by VRS or (ii) twenty percent of his present salary or the average annual creditable compensation during his thirty-six highest consecutive months of creditable service, whichever is greater.

FULL TEXT

• 01/14/00  House: Presented & ordered printed 005698840  pdf

HISTORY

• 01/14/00  House: Consent to introduce
• 01/14/00  House: Presented & ordered printed 005698840
• 01/14/00  House: Referred to Committee on Appropriations
• 02/08/00  House: Continued to 2001 in Appropriations (29-Y 0-N)