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- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
2001 SESSION
SB 1077 Retirement System; purchase of prior service credit.
Introduced by: Kevin G. Miller | 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 a member 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 HB 2293 and incorporates SB's 818 and 854.
FULL TEXT
- 01/10/01 Senate: Presented & ordered printed, prefiled 01/10/01 013167260 pdf | impact statement
- 01/24/01 Senate: Committee substitute printed 013229260-S1 pdf | impact statement
- 02/14/01 House: Committee substitute printed 012952900-H1 pdf | impact statement
- 02/24/01 Senate: Conference substitute printed 018370680-S2 pdf | impact statement
- 02/28/01 Senate: Bill text as passed Senate and House (SB1077ER) pdf | impact statement
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0686) pdf
AMENDMENTS
HISTORY
- 01/10/01 Senate: Presented & ordered printed, prefiled 01/10/01 013167260
- 01/10/01 Senate: Referred to Committee on Finance
- 01/24/01 Senate: Committee substitute printed 013229260-S1
- 01/24/01 Senate: Reported from Finance with substitute (15-Y 0-N 1-A)
- 01/25/01 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/25/01 Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
- 01/26/01 Senate: Read second time
- 01/26/01 Senate: Reading of substitute waived
- 01/26/01 Senate: Committee substitute agreed to 013229260-S1
- 01/26/01 Senate: Engrossed by Senate - committee substitute 013229260-S1
- 01/29/01 Senate: Read third time and passed Senate (38-Y 0-N 1-A)
- 01/29/01 Senate: VOTE: PASSAGE (38-Y 0-N 1-A)
- 01/29/01 Senate: Communicated to House
- 02/02/01 House: Placed on Calendar
- 02/02/01 House: Read first time
- 02/02/01 House: Referred to Committee on Appropriations
- 02/13/01 House: Reported from Appropriations with sub (28-Y 0-N)
- 02/14/01 House: Committee substitute printed 012952900-H1
- 02/15/01 House: Read second time
- 02/16/01 House: Read third time
- 02/16/01 House: Committee substitute agreed to 012952900-H1
- 02/16/01 House: Engrossed by House - committee substitute 012952900-H1
- 02/16/01 House: Passed House with substitute BLOCK VOTE (99-Y 0-N)
- 02/16/01 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/20/01 Senate: House substitute rejected by Senate (9-Y 29-N 1-A)
- 02/20/01 Senate: VOTE: REJECTED HOUSE AMENDMENT (9-Y 29-N 1-A)
- 02/20/01 Senate: Rec. of House sub. agreed to by Senate (40-Y 0-N)
- 02/20/01 Senate: VOTE: RECONSIDER (40-Y 0-N)
- 02/20/01 Senate: House substitute rejected by Senate (1-Y 38-N 1-A)
- 02/20/01 Senate: VOTE: REJECTED HOUSE AMENDMENT (1-Y 38-N 1-A)
- 02/21/01 House: House insisted on substitute
- 02/21/01 House: House requested conference committee
- 02/22/01 Senate: Senate acceded to request (39-Y 0-N)
- 02/22/01 Senate: VOTE: ACCEDE CONF. COMM. (39-Y 0-N)
- 02/22/01 Senate: Motion to reconsider accede agreed to (40-Y 0-N)
- 02/22/01 Senate: VOTE: RECONSIDER (40-Y 0-N)
- 02/22/01 Senate: Senate acceded to request (40-Y 0-N)
- 02/22/01 Senate: VOTE: ACCEDE CONF. COMM. (40-Y 0-N)
- 02/22/01 House: Conferees appointed by House
- 02/22/01 House: Delegates: Cox, Dudley, Johnson
- 02/22/01 Senate: Conferees appointed by Senate
- 02/22/01 Senate: Senators: Stolle, K.G. Miller, Saslaw
- 02/22/01 House: VOTE: ADOPTION (97-Y 0-N)
- 02/22/01 House: Conference report agreed to by House (97-Y 0-N)
- 02/23/01 Conference: Sub. recommended by conference comm. 018370680-S2
- 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)
- 02/24/01 Conference: House substitute rejected by conference committee
- 02/24/01 Conference: Amended by conference committee
- 02/24/01 Senate: Conference substitute printed 018370680-S2
- 02/28/01 Senate: Bill text as passed Senate and House (SB1077ER)
- 03/02/01 Senate: Enrolled
- 03/02/01 House: Signed by Speaker
- 03/02/01 Senate: Signed by President
- 03/26/01 Governor: Approved by Governor-Chapter 686 (effective 7/1/01)
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0686)