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2003 SESSION

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HB 2732 VRS; enhanced benefits for salary donations from state employees.

Introduced by: Robert Tata | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Retirement System; enhanced benefits for salary donations from state employees. Permits any state employee to donate 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, and to receive in exchange certain enhanced retirement benefits under the Virginia Retirement System. For each fiscal year that the 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 for any VRS member other than certain members of the Virginia Law Officers' Retirement System; and (ii) 2.3 percent instead of 2 percent in any retirement allowance calculation for certain members of the Virginia Law Officers' Retirement System. Salary donations will 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.

Donations will be paid into a dedicated special fund in the state treasury, ("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.


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