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- Subject Index: Since 1995
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2001 SESSION
SB 843 Retirement System; partial lump-sum payment option.
Introduced by: Kenneth W. Stolle | 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 HB 2629.
FULL TEXT
- 01/10/01 Senate: Presented & ordered printed, prefiled 12/20/00 013134536 pdf | impact statement
- 02/22/01 Senate: Bill text as passed Senate and House (SB843ER) pdf | impact statement
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0679) pdf
HISTORY
- 01/10/01 Senate: Presented & ordered printed, prefiled 12/20/00 013134536
- 01/10/01 Senate: Referred to Committee on Finance
- 01/23/01 Senate: Reported from Finance (14-Y 0-N)
- 01/24/01 Senate: Constitutional reading dispensed (38-Y 0-N)
- 01/24/01 Senate: VOTE: CONST. RDG. DISPENSED R (38-Y 0-N)
- 01/25/01 Senate: Read second time and engrossed
- 01/26/01 Senate: Read third time and passed Senate (39-Y 0-N)
- 01/26/01 Senate: VOTE: PASSAGE R (39-Y 0-N)
- 01/26/01 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 (28-Y 0-N)
- 02/15/01 House: Read second time
- 02/16/01 House: Read third time
- 02/16/01 House: Passed House BLOCK VOTE (99-Y 0-N)
- 02/16/01 House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
- 02/22/01 Senate: Bill text as passed Senate and House (SB843ER)
- 02/23/01 Senate: Enrolled
- 02/26/01 Senate: Signed by President
- 02/26/01 House: Signed by Speaker
- 03/26/01 Governor: Approved by Governor-Chapter 679 (effective 7/1/01)
- 03/27/01 Governor: Acts of Assembly Chapter text (CHAP0679)