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2002 SESSION

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026239778
HOUSE BILL NO. 682 Offered January 9, 2002 Prefiled January 9, 2002 A BILL to amend the Code of Virginia by adding a section numbered 51.1-142.3, relating to the Virginia Retirement System; purchase of service credit by certain local employees. ---------- Patrons-- Hurt and Armstrong; Senator: Reynolds ---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 51.1-142.3 as follows:

§ 51.1-142.3. Purchase of service credit; certain displaced local employees.

Any vested member in service who (i) is involuntarily terminated from his job with a county for any reason other than for his own conduct, (ii) is within five years of being eligible for an unreduced service retirement allowance at the time of such termination, and (iii) at the time of such termination, is employed by a county that has suffered job losses of ten percent or more due to federal trade policies since 1993, may purchase up to five years of creditable service at the rate of five percent of his creditable compensation or five percent of his average final compensation, whichever is greater, for each year or portion thereof purchased.