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2003 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 51.1-155.1 and 51.1-505 of the Code of Virginia are amended and reenacted as follows:
§ 51.1-155.1. Exceptions from general early retirement provisions for certain state employees.
A. Members of the retirement system (i) whose positions are described by
subdivision 1 (except members of the Judicial Retirement System (§ 51.1-300 et
seq.)), 2 (except members of the Judicial Retirement System (§ 51.1-300 et
seq.)), 3, 4 (except officers elected by popular vote), 7, 13, 14, 15, 16, 17, or 20
of § 2.2-2905; (ii) who are agency heads appointed by a state board, state
commission, or state council; or (iii) who are school division superintendents
appointed by a school board pursuant to § 22.1-60, and (a) who are
involuntarily separated from state service and (b) who have twenty 20 or more
years of creditable service at the date of separation, may retire with the retirement allowance as
provided in subdivision A 1 of § 51.1-155, upon attaining age fifty 50.
B. Any member of the retirement system who (i) serves as chief executive
officer of an interstate commission pursuant to Virginia's participation in
such commission; (ii) is involuntarily separated from service; and (iii) has
twenty 20 or more years of creditable service at the date of separation,
may retire without the reduction in retirement allowance required by § 51.1-155
A 2 upon attaining age fifty 50.
C. For the purposes of this section, "involuntary separation" means any dismissal, requested resignation, or failure to obtain reappointment, except in case of a conviction for a felony or crime involving moral turpitude or dishonesty.
D. Any state employee who retires under the provisions of this section on or
after January 1, 1994, shall be eligible to participate in the state health
insurance program as provided in § 2.2-2818 and receive group life insurance
benefits as provided in subsection B of § 51.1-505.
§ 51.1-505. Amounts of life and accident insurance for each employee; reduction and termination of insurance.
A. Each employee to whom this chapter applies shall, subject to the terms and conditions thereof, be eligible to be insured for an amount of group life insurance plus an amount of group accidental death and dismemberment insurance, each amount equal to twice the amount of his annual salary. If an employee's annual salary is not an even multiple of $1,000, his annual salary for purposes of this section shall be considered to be the next higher $1,000. For purposes of this section, the annual salary of a member of the General Assembly shall be his creditable compensation for his last full calendar year of service or his salary under § 30-19.11, whichever is greater, and shall include the full amount of any salaries payable to such member for working in covered positions, regardless of whether such salaries were paid, reduced, or not paid because of such member's service in the General Assembly. The annual salary for an employee retired for service or disability on an immediate retirement allowance may be adjusted by the Board in accordance with the provisions of Chapter 1 (§ 51.1-124.1 et seq.) of this title.
Subject to the conditions and limitations of the group insurance policy, the accidental death and dismemberment insurance shall provide payments as follows:
Loss Amount Payable For loss of life Full amount determined in accordance with the provisions of this section Loss of one hand or One-half of the amount of one foot or loss determined in accordance of sight of one eye with the provisions of this section Loss of two or Full amount determined in more such members accordance with the provisions of this section.
For any one accident, the aggregate amount of accidental death and dismemberment insurance that may be paid shall not exceed the maximum amount of accidental death and dismemberment insurance determined in accordance with this section.
Notwithstanding the provisions of § 51.1-124.8, the amount of life insurance for which an employee shall be eligible shall be equal to twice the amount of his annual salary without regard to the date of the employee's qualification for a retirement allowance.
B. The amount of life insurance on an employee who retires for service on an
immediate retirement allowance or who elects to postpone the receipt of his
retirement allowance to some date other than his last day of service shall be
the amount set forth in subsection A, reduced by an amount equal to twenty-five
25 percent thereof on the January 1 following the first full year from the date
the employee is separated from service and each January 1 thereafter. The
amount of life insurance on an employee who retires for disability on an
immediate retirement allowance shall be the amount set forth in subsection A on
the date the employee last rendered service reduced by an amount equal to
twenty-five 25 percent thereof on January 1 of the first full year
following the date the employee attains age sixty-five 65, and each January 1
thereafter. If the employee by statute or Board regulation has been construed to be in service to the
beginning of the next school year, the reduction shall not apply until the
beginning of the next school year. The reduction shall not decrease the amount
of life insurance on an employee to less than twenty-five 25 percent of the
amount of life insurance to which the initial reduction is applied. For
purposes of this subsection, an employee shall be deemed to have retired only
if the employee has five or more years of continuous service as an employee
prior to the date of retirement. This requirement shall not be applicable if
the employee is retired for disability.
Any employee who was denied membership in the Retirement System because of
having attained age sixty 60 at the time of being employed or reemployed and
who has five or more years of continuous service immediately prior to separation from service shall
retain the life insurance coverage as though he had retired on an immediate retirement allowance.
C. For any employee, who at any time has at least 25 years of creditable service in any retirement plan administered by the Virginia Retirement System or other Virginia public plan participating in the group life program established by this chapter and is employed in a covered position within 24 months prior to his retirement earning an annual salary in such position less than the annual salary earned in his immediately prior covered position, the amount of group life insurance shall be an amount equal to twice the amount of the annual salary earned in his immediately prior covered position. For any employee who returns to covered employment after retiring with at least 25 years of creditable service in any retirement plan administered by the Virginia Retirement System or other Virginia public plan participating in the group life program established by this chapter, the amount of insurance shall be the greater of the amount of insurance he would have been eligible for had he remained a retiree or twice the amount of his current annual salary.
The provisions of subsection B providing a reduction in the amount of life
insurance shall apply to the amount of group life insurance as determined under this
subsection for such employees with at least 25 years of creditable service.
C D. The amount of life insurance for an employee who is retired for disability
on an immediate retirement allowance, who also has attained age fifty-five 55,
and who elects to receive a retirement allowance as set forth in subsection C
of § 51.1-160, shall be reduced as set forth in subsection B of this section.
The reduction shall begin the January 1 following the first full year from the
date the employee elects a service retirement allowance.
D E. All accidental death and dismemberment insurance on an employee shall
cease upon the earliest of (i) his separation from service, (ii) his failure to pay, in the manner
prescribed by the Board, the contribution required for the first twenty-four 24
months of leave without pay, (iii) if the employee has not returned to pay status,
the expiration of twenty-four 24 months of leave without pay, or (iv) his
retirement.
E F. Except in case of retirement as provided in subsections B and C, C, and D
of this section, all life insurance on an employee shall cease upon the earliest of (i) his separation from service,
or (ii) his failure to pay, in the manner prescribed by the Board, the contribution
required for the first twenty-four 24 months of leave without pay, or,
(iii) if the employee has not returned to pay status, the expiration of
twenty-four 24 months of leave without pay. Except in the case of
retirement, life insurance shall be subject to a temporary extension of
thirty-one 31 days. During this thirty-one 31-day extension, the employee
may convert his life insurance into an individual policy of life insurance (without disability or other supplementary
benefits) in any one of the forms, except term insurance, then customarily
issued by the insuring company. The amount of life insurance which may be
converted shall not exceed the amount of his life insurance under the group
insurance policy at the time coverage is terminated. The insurance shall be
converted to an individual policy (a) without evidence of insurability, (b) at
the premium applicable to the class of risk to which he belongs, and (c) to the
form and amount of the individual policy at his then attained age, provided
application for the individual policy and payment of the first premium thereon
is made to the issuing company within the thirty-one 31 days. The right to
convert to an individual policy as provided in § 38.2-3333 shall not apply upon
termination of this group policy or elimination of a class of insured employees.
Except as provided in subsection C, the amount of life insurance on each insured employee who retires shall be determined under the provisions of this chapter as it exists on the employee's date of retirement.
F G. Each employee of a state institution of higher education or of a local
school board who remains in service until the completion of the school year and who makes
contributions required to provide insurance coverage until service normally
will be resumed the beginning of the next school year shall be deemed to be in
service as an employee through the period to which the payments apply. If the
employee is retired for service or disability during this period, contributions
made by the employee shall be accepted and retained as proper.
G H. That the provisions of this section shall apply to all members of the
Virginia Retirement System who, on and after July 1, 1995, are covered under the group life insurance
program created pursuant to this section and whose effective date of retirement
is (i) before July 1, 1970, or (ii) on and after July 1, 1970.
2. That the provisions of this act shall apply to eligible employees who retired or retire on or after July 1, 1999, provided that such employees are alive on or after July 1, 2003.