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2003 SESSION

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032394948
HOUSE BILL NO. 2732 Offered January 16, 2003 A BILL to provide enhanced retirement benefits to certain state employees. ---------- Patron-- Tata ---------- Unanimous consent to introduce ---------- Referred to Committee on Appropriations ----------

Be it enacted by the General Assembly of Virginia:

1. § 1. Any state employee who is a member of the Virginia Retirement System who donates 8.33 percent of his salary to the Commonwealth for either or both of the fiscal years ending June 30, 2004, or June 30, 2005, shall be afforded enhanced retirement benefits as provided in this act. For each fiscal year that such employee makes the donation, he shall be entitled, upon retirement, but not prior to July 1, 2005, to have 4 years of his creditable service multiplied by: (i) 2 percent instead of 1.7 percent in any retirement allowance calculation under subdivision A 1 of § 51.1-155, subdivision A 1 of § 51.1-206, or subdivision A 1 b of § 51.1-217, as applicable; and (ii) 2.3 percent instead of 2 percent in any retirement allowance calculation under subdivision A 1 a of § 51.1-217. Salary donations under this act shall not reduce the employee's average final compensation in computing his retirement benefits. Any employee participating may not begin receiving the enhanced retirement benefits prior to July 1, 2005. To participate, an employee must elect to do so between April 15, 2003, and June 15, 2003, on a form and according to procedures to be developed by the Department of Human Resource Management.

The Comptroller shall develop appropriate procedures for withholding donations from an employee's salary. All such donations shall be paid into a dedicated special fund in the state treasury, which special fund is hereby created and shall be known as the "State Employees' Revenue Shortfall Fund" to be used solely to reduce the revenue shortfall of the Commonwealth for the fiscal years ending June 30, 2004 and June 30, 2005.