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2003 SESSION

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HB 2172 Virginia Retirement System; purchase of prior service credit.

Introduced by: Clarence E. Phillips | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Retirement System; purchase of prior service credit. Permits any member of the Virginia Retirement System in service who is an employee with the Dickenson County Public Service Authority and who was an employee with the Big Caney Water Corporation at the time it merged with the Dickenson County Public Service Authority to purchase 1 year of creditable service for each year of service as a full-time employee with the Big Caney Water Corporation, up to a maximum of 4 years. The cost of service credit purchased under this subsection shall be the actuarial equivalent cost of such service.


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