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2001 SESSION

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HB 1739 Retirement System; add. accidental death & dismemberment benefits.

Introduced by: Robert Tata | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Retirement System; additional accidental death and dismemberment benefits. Requires the Board of Trustees of VRS to purchase three additional accidental death benefits for employees participating in the Virginia Retirement System, the State Police Officers' Retirement System, the Judicial Retirement System, or the Virginia Law Officers' Retirement System. If, as a result of an accident, an insured employee dies at least 75 miles from his principle residence, an additional benefit up to $5,000 shall be paid for the transportation of the deceased to a mortuary. An additional benefit up to $50,000 shall be paid if an insured employee dies or suffers a dismemberment while driving or riding in a private passenger vehicle, provided that the insured employee was wearing a seatbelt and the driver of the vehicle held a current license and was not intoxicated, impaired, or under the influence of alcohol or drugs at the time of the accident. An additional benefit up to $50,000 shall be paid if an insured employee dies or suffers a dismemberment as a result of a felonious assault committed by someone other than an immediate family member. In addition, if the insured employee dies as a result of the felonious assault and is survived by dependent children, the Virginia Retirement System shall open a savings trust account for each dependent child under the Virginia College Savings Plan. VRS shall contribute into the savings trust account of each dependent child an amount approximately equal to the current cost of purchasing in full a prepaid tuition contract for tuition at a four-year public institution of higher education in the Commonwealth. A qualifying child may use funds in the savings trust account for tuition, room, and board, and other expenses at institutions of higher education. This bill is identical to SB 1071.


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