SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

  • | print version

SB 76 Retirement plan; University of Virginia Medical Center.

Introduced by: Richard J. Holland | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Retirement plan; University of Virginia Medical Center. Provides that all new employees of the University of Virginia Medical Center employed on or after July 1, 2000, shall be covered in a Medical Center retirement plan. Employees of the Medical Center hired before July 1, 2000 and persons hired on and after July 1, 2000, who are members of VRS, may elect, but are not required, to change to the Medical Center retirement plan. Contributions for the retirement of persons employed on or after July 1, 2000, and covered under a Medical Center retirement plan will be determined by the University of Virginia Board of Visitors. For employees of the Medical Center employed before July 1, 2000, who choose the Medical Center retirement plan, contributions to such plan shall be eight percent of creditable compensation. For employees who elect to remain members of VRS, the Medical Center is required to collect and pay all employee and employer contributions to VRS and, for employees under VRS who elect to become members of a Medical Center plan, VRS is required to transfer to the Medical Center Retirement Plan assets equal to the actuarially determined present value of the employee's accrued basic benefit.


FULL TEXT

HISTORY