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- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
2001 SESSION
HB 2629 Retirement System; partial lump-sum payment option.
Introduced by: Robert Tata | all patrons ... notes | add to my profiles
SUMMARY AS PASSED: (all summaries)
Virginia Retirement System; partial lump-sum payment option. Establishes lump-sum payment options for the payment of retirement allowances to eligible retiring members. A member who has satisfied the requirements for normal retirement or who has remained in service for at least three years after the date he was first eligible for an unreduced service retirement allowance may elect to receive a lump-sum distribution up to 36 times the monthly amount of his service retirement allowance. A member who has remained in service for at least two years after the date he was first eligible for an unreduced service retirement allowance may elect to receive a lump-sum distribution up to 24 times the monthly amount of his service retirement allowance. A member who has remained in service for at least one year after the date he was first eligible for an unreduced service retirement allowance may elect to receive a lump-sum distribution equal to 12 times the monthly amount of his service retirement allowance. If an eligible retiring member elects to receive a lump-sum distribution, his retirement allowance shall be reduced on an actuarially equivalent basis. This bill is identical to SB 843.
FULL TEXT
- 01/10/01 House: Presented & ordered printed 013201948 pdf | impact statement
- 02/22/01 House: Bill text as passed House and Senate (HB2629ER) pdf | impact statement
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0699) pdf
HISTORY
- 01/10/01 House: Presented & ordered printed 013201948
- 01/10/01 House: Referred to Committee on Appropriations
- 01/29/01 House: Reported from Appropriations (23-Y 0-N)
- 01/31/01 House: Read first time
- 02/01/01 House: Read second time and engrossed
- 02/02/01 House: Read third time and passed House BLOCK VOTE (99-Y 0-N)
- 02/02/01 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/02/01 House: Communicated to Senate
- 02/07/01 Senate: Constitutional reading dispensed
- 02/07/01 Senate: Referred to Committee on Finance
- 02/13/01 Senate: Reported from Finance (15-Y 0-N)
- 02/14/01 Senate: Const. reading disp., passed by for the day (40-Y 0-N)
- 02/14/01 Senate: VOTE: CONST. RDG. DISPENSED R (40-Y 0-N)
- 02/15/01 Senate: Read third time
- 02/15/01 Senate: Passed Senate (40-Y 0-N)
- 02/15/01 Senate: VOTE: PASSAGE R (40-Y 0-N)
- 02/15/01 Senate: Rec. of Sen. passage agreed to by Senate (39-Y 0-N)
- 02/15/01 Senate: VOTE: RECONSIDER R (39-Y 0-N)
- 02/15/01 Senate: Passed Senate (39-Y 0-N)
- 02/15/01 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 02/22/01 House: Bill text as passed House and Senate (HB2629ER)
- 02/23/01 House: Enrolled
- 02/26/01 House: Signed by Speaker
- 02/26/01 Senate: Signed by President
- 03/26/01 Governor: Approved by Governor-Chapter 699 (effective 7/1/01)
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0699)