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2001 SESSION

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SB 945 Retirement System benefits.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Retirement System benefits. Provides for an increase, beginning July 1, 2001, of the monthly retirement allowance payable to any person retired under the Virginia Retirement System or the State Police Officers' Retirement System (or their predecessor systems) before January 1, 1980, who has at least 15 years of creditable service. The monthly allowance will be increased by adding to the amount of monthly allowance the person would have received as of June 30, 2001, (i) four dollars multiplied by the member's number of years of creditable service plus (ii) four dollars multiplied by the number of years between such member's retirement date and December 31, 1979.


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