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2001 SESSION

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HB 1741 Optional retirement plans.

Introduced by: Thomas W. Moss, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Optional retirement plans. Eliminates the right of state employees participating in the defined contribution plan to transfer back to the retirement system after 10 years, and clarifies that the election to be covered by the retirement system provided in the defined contribution plan for local school superintendents is available only for new school superintendents (i.e. current superintendents already were provided irrevocable election). The bill also makes technical changes to the optional retirement plans for certain employees of institutions of higher education; for certain employees of public school divisions; and for certain appointees of the Governor, the Attorney General, and the Lieutenant Governor to make them more consistent in administration. Because the modification to the defined contribution plan for certain state employees eliminates the right for them to transfer to the retirement system after 10 years, the bill has a second enactment clause that gives such employees 90 days from the bill's effective date to transfer to the retirement system.


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