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2001 SESSION
HB 2293 Retirement System; purchase of prior service credit, sick leave.
Introduced by: M. Kirkland Cox | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Virginia Retirement System; purchase of prior service credit. Makes several changes to the current law concerning the purchase of prior service credit including technical amendments. The purchase of retirement credit for prior military service is permitted even when the prior military service is creditable to another retirement system, if such is required by federal statutes governing military retirement. The bill also provides that if a person becomes a member of the retirement system on or after July 1, 2001, and elects to purchase prior service within three years from his first date of hire, he must pay an amount equal to five percent of his present annual compensation or five percent of his average annual compensation during his 36 highest consecutive months of creditable service, whichever is greater. At any other time, such member must pay an amount equal to actuarial equivalent cost. Members in service immediately before July 1, 2001, have three years from the date they first became eligible to purchase the prior service (generally their date of hire) or until July 1, 2004, (whichever is later) to purchase such service at the reduced rate. If the member does not purchase the prior service within this time period, the cost to the member to purchase the service shall be the actuarial cost. The bill also provides for the purchase of prior service by members for periods of employment in an hourly wage position with the Commonwealth. In general, only four years of prior service credit may be purchased for each eligible category of prior service. Current law provides that any years of eligible prior service, beyond four years, may be purchased at a cost of 15 percent of a member's present annual compensation. This bill is identical to SB 1077.
FULL TEXT
- 01/10/01 House: Presented & ordered printed, prefiled 01/10/01 013112260 pdf | impact statement
- 01/24/01 House: Committee substitute printed 012899260-H1 pdf | impact statement
- 02/06/01 Senate: Committee substitute printed 013250260-S1 pdf | impact statement
- 02/23/01 House: Conference substitute printed 018371476-H2 pdf
- 02/28/01 House: Bill text as passed House and Senate (HB2293ER) pdf | impact statement
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0697) pdf
AMENDMENTS
HISTORY
- 01/10/01 House: Presented & ordered printed, prefiled 01/10/01 013112260
- 01/10/01 House: Referred to Committee on Appropriations
- 01/22/01 House: Reported from Appropriations with sub (28-Y 0-N)
- 01/24/01 House: Committee substitute printed 012899260-H1
- 01/25/01 House: Read first time
- 01/26/01 House: Read second time
- 01/26/01 House: Committee substitute agreed to 012899260-H1
- 01/26/01 House: Engrossed by House - committee substitute 012899260-H1
- 01/29/01 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 01/29/01 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 01/29/01 House: Communicated to Senate
- 01/30/01 Senate: Constitutional reading dispensed
- 01/30/01 Senate: Referred to Committee on Finance
- 02/06/01 Senate: Reported from Finance with substitute (16-Y 0-N)
- 02/06/01 Senate: Committee substitute printed 013250260-S1
- 02/07/01 Senate: Const. reading disp., passed by for the day (40-Y 0-N)
- 02/07/01 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/08/01 Senate: Read third time
- 02/08/01 Senate: Reading of substitute waived
- 02/08/01 Senate: Committee substitute agreed to 013250260-S1
- 02/08/01 Senate: Engrossed by Senate - committee substitute 013250260-S1
- 02/08/01 Senate: Passed Senate with substitute (40-Y 0-N)
- 02/08/01 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/09/01 House: Placed on Calendar
- 02/12/01 House: VOTE: REJECTED (1-Y 96-N)
- 02/12/01 House: Senate substitute rejected by Hse 013250260-S1 (1-Y 96-N)
- 02/14/01 Senate: Senate insisted on substitute (39-Y 0-N)
- 02/14/01 Senate: VOTE: INSIST & REQUEST (39-Y 0-N)
- 02/14/01 Senate: Senate requested conference committee
- 02/20/01 House: Conferees appointed by House
- 02/20/01 House: Delegates: Cox, Dudley, Johnson
- 02/20/01 Senate: Conferees appointed by Senate
- 02/20/01 Senate: Senators: K.G. Miller, Norment, Houck
- 02/23/01 House: VOTE: ADOPTION (99-Y 0-N)
- 02/23/01 House: Conference report agreed to by House (99-Y 0-N)
- 02/23/01 House: Conference substitute printed 018371476-H2
- 02/23/01 Senate: Reading of conference report waived
- 02/23/01 Conference: Senate substitute rejected by conference committee
- 02/23/01 Conference: Sub. recommended by conference comm. 018371476-H2
- 02/23/01 Conference: Amended by conference committee
- 02/23/01 Senate: Conference report agreed to by Senate (40-Y 0-N)
- 02/23/01 Senate: VOTE: CONF. COMMITTEE RPT. (40-Y 0-N)
- 02/28/01 House: Bill text as passed House and Senate (HB2293ER)
- 03/02/01 House: Enrolled
- 03/02/01 House: Signed by Speaker
- 03/02/01 Senate: Signed by President
- 03/26/01 Governor: Approved by Governor-Chapter 697 (effective 7/1/01)
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0697)