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2003 SESSION

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SB 905 VRS; life and accidental death and dismemberment insurance.

Introduced by: Frederick M. Quayle | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Retirement System; life and accidental death and dismemberment insurance. Provides that any employee who (i) at any time had 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 and (ii) is employed in a covered position within 24 months prior to his retirement earning an annual salary less than the annual salary earned in his immediately prior covered position, shall be eligible for an amount of group life insurance at an amount equal to twice the amount of his annual salary earned in his immediately prior covered position. The Bill also provides that 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, the amount of life 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 bill provides that the face value of such life insurance shall be reduced as currently provided under law.

SUMMARY AS PASSED SENATE:

Virginia Retirement System; life and accidental death and dismemberment insurance. Provides that any employee who (i) at any time had 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 and (ii) shall be eligible for an amount of group life insurance at an amount equal to twice the amount of his annual salary earned in his immediately prior covered position. The Bill also provides that 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, the amount of life 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 bill provides that the face value of such a life insurance shall be reduced as currently provided under law.

SUMMARY AS INTRODUCED:

Virginia Retirement System; life and accidental death and dismemberment insurance. Provides that any employee who (i) at any time had at least 25 years of creditable service in any retirement plan administered by the Virginia Retirement System and (ii) had not retired prior to July 1, 2003, shall be eligible for an amount of group life insurance plus an amount of group accidental death and dismemberment insurance at an amount of insurance for each equal to twice his highest annual salary earned while in service as an employee covered under any retirement plan administered by the Virginia Retirement System.

The bill also provides that the annual salary to be used for computing the retirement allowance of a member of the General Assembly who (i) at any time had at least 25 years of creditable service in any retirement plan administered by the Virginia Retirement System and (ii) had not retired prior to July 1, 2003, shall be such person's highest annual creditable compensation earned while in service as an employee covered under any retirement plan administered by the Virginia Retirement System or such person's highest annual salary earned as a member of the General Assembly with the exclusion of any allowance for expenses, whichever is greater.