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2000 SESSION

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SB 76 Retirement plan; University of Virginia Medical Center.

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

SUMMARY AS PASSED:

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.

SUMMARY AS PASSED SENATE:

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, which 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.

SUMMARY AS INTRODUCED:

Retirement plan; University of Virginia Medical Center. Provides that all employees of the University of Virginia Medical Center employed on or after July 1, 2000, shall be covered in a Medical Center retirement plan except that those employees employed or hired on or after that date who are already members of the Virginia Retirement System may elect which system in which to participate. 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. Employees of the Medical Center employed before July 1, 2000, are provided with the same election, except that the contribution under any Medical Center retirement plan for persons choosing such plan will be eight percent of creditable compensation.