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2003 SESSION

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SB 857 Virginia Retirement System; administrative fees.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Virginia Retirement System; administrative fees. Provides that the Virginia Retirement System (VRS) may charge and collect administrative fees to pay its costs incurred in administrating and overseeing any retirement plan or service award fund other than the Virginia Retirement System, State Police Officers' Retirement System, Virginia Law Officers' Retirement, or the Judicial Retirement System. The bill also authorizes VRS to charge and collect from participating employers any penalties, interest, compliance fees, or other charges charged to VRS by the Internal Revenue Service or other regulatory body. Persons employed in teaching, administrative or research functions at institutions of higher education who are enrolled in an optional retirement plan may be charged with a reimbursement fee by their employer for purposes of recovering VRS charges for administrating and overseeing the optional retirement plan.


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