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2000 SESSION

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SB 72 Deferred retirement option program for teachers.

Introduced by: Martin E. Williams | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Deferred retirement option program. Establishes a deferred retirement option program for teachers eligible to retire under VRS with unreduced benefits. Under the program, a teacher will continue 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 a participating teacher when he retires. This is an optional program. The bill has a delayed effective date of July 1, 2001.

FULL TEXT

• 01/12/00  Senate: Presented & ordered printed 000268568  pdf

HISTORY

• 01/12/00  Senate: Presented & ordered printed 000268568
• 01/12/00  Senate: Referred to Committee on Finance
• 02/09/00  Senate: Continued to 2001 in Finance (16-Y 0-N)