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2002 SESSION

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HB 578 Retirement System; partial lump-sum payment option.

Introduced by: Joe T. May | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Retirement System; partial lump-sum payment option. Provides that lump-sum distributions of retirement benefits, elected by certain eligible retirees under VRS, shall be paid without regard to limitations on the annual benefit amount that can be received under VRS. The bill also provides that no member of VRS may make an election for a lump-sum distribution more than once in his lifetime.

SUMMARY AS INTRODUCED:

Virginia Retirement System; partial lump-sum payment option. Provides that lump-sum distributions of retirement benefits, elected by certain eligible retirees under VRS, shall be paid without regard to limitations on the annual benefit amount that can be received under VRS. The bill also provides that no member of VRS may make an election for a lump-sum distribution more than once in his lifetime.