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2001 SESSION

019623808
HOUSE JOINT RESOLUTION NO. 787
Offered January 19, 2001
Requesting the Volunteer Firefighters' and Rescue Squad Workers' Pension Fund Board, with the assistance of the Board of Trustees of the Virginia Retirement System, to study the feasibility of various vesting options for volunteer firefighters and rescue squad workers under the Virginia Volunteer Firefighters’ and Rescue Squad Workers’ Pension Fund.
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Patron-- Katzen
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Referred to Committee on Rules
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WHEREAS, the Virginia Volunteer Firefighters’ and Rescue Squad Workers’ Pension Fund (the “Fund”) was established by the 1999 Session of the General Assembly to provide pension allowances to eligible volunteer firefighters and rescue squad workers who elect to become members of the Fund; and

WHEREAS, the Board of Trustees of the Virginia Retirement System administer and manage the investment of the Fund; and

WHEREAS, the 1999 Session of the General Assembly also created the Volunteer Firefighters' and Rescue Squad Workers' Pension Fund Board composed of seven members, including the Director of the Virginia Retirement System and six members appointed by the Governor from a list provided by the Virginia State Firefighter's Association and three members from a list provided by the Virginia Association of Volunteer Rescue Squads, to approve applications for benefits paid from the Fund, direct payment in lump sums from the Fund, and exercise all other powers necessary for the administration and management of the Fund; and

WHEREAS, any member who has attained the age of 60 and who has served 20 years as an eligible volunteer shall be entitled to a distribution from the Fund equivalent to the contributions that he has made, the appropriate matching contributions made on his behalf, and the earnings on such contributions; and

WHEREAS, given the valuable and courageous service provided by volunteer firefighters and rescue squad workers to all citizens of the Commonwealth in their time of need, alternative and less restrictive vesting options for distribution from the Fund may be appropriate to assist these volunteers who have given so much in the service of Virginia citizens; now, therefore, be it

RESOLVED by the House of Delegates, the Senate concurring, That the Volunteer Firefighters' and Rescue Squad Workers' Pension Fund Board, with the assistance of the Board of Trustees of the Virginia Retirement System, be requested to study the feasibility of various vesting options for volunteer firefighters and rescue squad workers under the Virginia Volunteer Firefighters’ and Rescue Squad Workers’ Pension Fund. In conducting its study, the Volunteer Firefighters' and Rescue Squad Workers' Pension Fund Board shall determine the feasibility and appropriateness of allowing Fund members to draw half level contributions for 10 years of service or three-quarter percentage for 15 years of service.

All agencies of the Commonwealth shall provide assistance to the Volunteer Firefighters' and Rescue Squad Workers' Pension Fund Board for this study, upon request.

The Volunteer Firefighters' and Rescue Squad Workers' Pension Fund Board shall complete its work in time to submit its findings and recommendations to the Governor and the 2002 Session of the General Assembly as provided in the procedures of the Division of Legislative Automated Systems for the processing of legislative documents.