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2001 SESSION
HB 1748 Retirement System; benefit restoration plans.
Introduced by: Joe T. May | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Retirement System; benefit restoration plans. Requires the Board of Directors of VRS to establish and administer a benefit restoration plan for VRS members, including members of local governments that participate in VRS. The plan will provide pension benefits to members whose annual benefits would otherwise be limited by § 415 (b) of the Internal Revenue Code. Benefit restoration plans are to be funded from the pension contributions that are required under current law. The bill also allows local governments not participating in VRS to establish benefit restoration plans. This bill is identical to SB 856.
SUMMARY AS INTRODUCED:
Virginia Retirement System; benefit restoration plans. Requires the Board of Directors of VRS to establish and administer a benefit restoration plan for VRS members, including members of local governments that participate in VRS. The plan will provide pension benefits to members whose annual benefits would otherwise be limited by § 415 (b) of the Internal Revenue Code. Benefit restoration plans are to be funded from the pension contributions that are required under current law. The bill also allows local governments not participating in VRS to establish benefit restoration plans.