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2000 SESSION

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SB 152 Deferred retirement option program.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Deferred retirement option program. Establishes a deferred retirement option program for state employees, state police officers, local government employees, teachers, and judges. To participate in the program, members must be eligible to retire under VRS, SPORS, VaLORS or the JRS with unreduced benefits. The employee continues working during the period of his participation in the program, not to exceed five years, during which time a percentage of the amount of the monthly retirement benefits that he would have received if he had retired instead of enrolling in the program is deposited in an account. The percentage, determined at an amount that ensures that the program does not affect employer contribution rates, shall not exceed 100 percent. The account balance, with interest, shall be paid to the participant when he retires. The bill has a delayed effective date of July 1, 2001.

FULL TEXT

• 01/12/00  Senate: Presented & ordered printed 000216536  pdf

HISTORY

• 01/12/00  Senate: Presented & ordered printed 000216536
• 01/12/00  Senate: Referred to Committee on Finance
• 02/09/00  Senate: Continued to 2001 in Finance (16-Y 0-N)