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2004 SESSION
042525476Be it enacted by the General Assembly of Virginia:
1. That § 51.1-206, as it is currently effective and as it shall become effective, of the Code of Virginia, is amended and reenacted and that the Code of Virginia is amended by adding in Chapter 2 of Title 51.1 a section numbered 51.1-210.1 as follows:
§ 51.1-206. (Effective until July 1, 2005) Service retirement allowance.
A. A member shall receive an annual retirement allowance, payable for life, as follows:
1. Normal retirement. - The a. Notwithstanding the provisions of §§ 51.1-155,
51.1-155.1 and 51.1-155.2, for any employee commencing employment or reemployment on
or after July 1, 2004, and for any employee who makes the election
provided in § 51.1-210.1, the allowance shall equal (i) two percent of his
average final compensation multiplied by the amount of creditable service
earned (a) as a member in the retirement system established by this chapter,
(b) as a member in the retirement system established by Chapter 2.1 (§ 51.1-211
et seq.) of this title, or (c) while earning the benefits permitted by §
51.1-138; and (ii) 1.70 percent of his average final compensation multiplied by all other creditable
service, if any; and
b. For any other employee the allowance shall equal 1.70 percent of his average final compensation multiplied by the amount of creditable service.
For retirements between October 1, 1994, and December 31, 1998, any state police officer who is a member or beneficiary of a retirement system administered by the Board shall receive an additional retirement allowance equal to three percent of the service or disability retirement allowance payable under this section. Average final compensation attributable to service as Governor, Lieutenant Governor, Attorney General, or member of the General Assembly shall not be included in computing this additional retirement allowance.
2. Early retirement. - The allowance shall be determined in the same manner as for normal retirement with creditable service and average final compensation being determined as of the date of actual retirement. If the member has less than 25 years of service at retirement, the amount of the retirement allowance shall be reduced on an actuarial equivalent basis for the period by which the actual retirement date precedes the earlier of (i) his normal retirement date or (ii) the first date on or after his fiftieth birthday on which he would have completed a total of 25 years of creditable service.
3. 50/10 retirement. - The allowance shall be payable in a monthly stream of payments equal to the greater of (i) the amount the member would receive if he had taken early retirement or (ii) the actuarially calculated present value of the member's accumulated contributions, including accrued interest.
B. In Any person who is an employee on June 30, 2004, and on July 1, 2004, who
does not make the election provided in § 51.1-210.1, shall receive in addition
to the allowance payable under subsection A, a member shall receive annually
from the date of his retirement until his retirement age, as such term is
defined under the Social Security Act (42 U.S.C. § 416 et seq., as now or
hereafter amended), an annual allowance equal to $9,264. Beginning July 1,
2001, and biennially thereafter, such allowance shall be reviewed and adjusted by the
Board to an amount recommended by the actuary of the Virginia Retirement System
based upon increases in social security benefits in the interim.
This subsection shall not apply to the following: (i) any member who qualifies for retirement under subsection C of § 51.1-205 and is credited with less than 20 years' service rendered in a hazardous position or (ii) any member employed initially on or after July 1, 1974, who is credited with less than 20 years' service rendered in a hazardous position.
C. Except as provided in subsection D or E, if a beneficiary of a service retirement allowance under this chapter is at any time in service as an employee in a position covered for retirement purposes under the provisions of this or any chapter other than Chapter 7 (§ 51.1-700 et seq.) of this title, his retirement allowance shall cease while so employed.
D. If a member in service at age 60 or older with five or more years of creditable service elects, pursuant to subsection A of § 51.1-205, to receive a service retirement allowance pursuant to this chapter while employed as a state police officer or as an employee, as defined in § 51.1-124.3, of the Department of State Police, then his service performed and compensation received while receiving such retirement allowance shall not increase, decrease, or affect in any way his retirement benefits before, during, or after the payment of such retirement allowance.
E. (For effective date - See Editor's note) Any member between the ages of 55 and 59, inclusive, who is rehired by the Department of State Police as a state police officer or as an employee, as defined in § 51.1-124.3, of the Department of State Police, and who has been receiving a service retirement allowance under this chapter for a period of least 30 days prior to such reemployment may, upon such reemployment, elect to continue to receive such service retirement allowance for a period of up to one year. Such period may be extended for up to one additional year with the prior approval of the Secretary of Public Safety. If the person elects to continue to receive such retirement allowance during such period of reemployment, then his service performed and compensation received during such period of reemployment shall not increase, decrease, or affect in any way his retirement benefits before, during, or after such period of reemployment.
F. No person shall be eligible to receive any of the allowances provided in this section if he receives retirement benefits under Chapter 2.1 (§ 51.1-211 et seq.) of this title or under § 51.1-138. No person shall receive any allowance pursuant to subdivision A 1 (i) if he has received an allowance pursuant to subsection B of § 51.1-206 or subsection B of § 51.1-217, unless, after receiving the allowance pursuant to subsection B of § 51.1-206 or subsection B of § 51.1-217, he becomes employed or reemployed as an employee defined in § 51.1-201, and thereafter earns five or more years of creditable service (a) as a member in the retirement system established by this chapter, (b) as a member in the retirement system established by Chapter 2.1 of this title, or (c) while earning the benefits permitted by § 51.1-138.
§ 51.1-206. (Effective July 1, 2005) Service retirement allowance.
A. A member shall receive an annual retirement allowance, payable for life, as follows:
1. Normal retirement. - The a. Notwithstanding the provisions of §§ 51.1-155,
51.1-155.1 and 51.1-155.2, for any employee commencing employment or reemployment on
or after July 1, 2004, and for any employee who makes the election
provided in § 51.1-210.1, the allowance shall equal (i) two percent of his
average final compensation multiplied by the amount of creditable service earned (a) as a member in the
retirement system established by this chapter, (b) as a member in the retirement system established by
Chapter 2.1 (§ 51.1-211 et seq.) of this title, or (c) while earning the
benefits permitted by § 51.1-138; and (ii) 1.70 percent of his average final
compensation multiplied by all other creditable service, if any; and
b. For any other employee the allowance shall equal 1.70 percent of his average final compensation multiplied by the amount of creditable service.
For retirements between October 1, 1994, and December 31, 1998, any state police officer who is a member or beneficiary of a retirement system administered by the Board shall receive an additional retirement allowance equal to three percent of the service or disability retirement allowance payable under this section. Average final compensation attributable to service as Governor, Lieutenant Governor, Attorney General, or member of the General Assembly shall not be included in computing this additional retirement allowance.
2. Early retirement. - The allowance shall be determined in the same manner as
for normal retirement with creditable service and average final compensation
being determined as of the date of actual retirement. If the member has less
than twenty-five25 years of service at retirement, the amount of the retirement
allowance shall be reduced on an actuarial equivalent basis for the period by
which the actual retirement date precedes the earlier of (i) his normal
retirement date or (ii) the first date on or after his fiftieth birthday on
which he would have completed a total of twenty-five25 years of creditable
service.
3. 50/10 retirement. - The allowance shall be payable in a monthly stream of payments equal to the greater of (i) the amount the member would receive if he had taken early retirement or (ii) the actuarially calculated present value of the member's accumulated contributions, including accrued interest.
B. In Any person who is an employee on June 30, 2004, and on July 1, 2004, who
does not make the election provided in § 51.1-210.1, shall receive in addition
to the allowance payable under subsection A, a member shall receive annually
from the date of his retirement until his retirement age, as such term is defined under
the Social Security Act (42 U.S.C. § 416 et seq., as now or hereafter amended),
an annual allowance equal to $9,264. Beginning July 1, 2001, and biennially
thereafter, such allowance shall be reviewed and adjusted by the Board to an amount
recommended by the actuary of the Virginia Retirement System based upon increases in
social security benefits in the interim.
This subsection shall not apply to the following: (i) any member who qualifies
for retirement under subsection C of § 51.1-205 and is credited with less than
twenty years' service rendered in a hazardous position or (ii) any member employed
initially on or after July 1, 1974, who is credited with less than twenty 20
years' service rendered in a hazardous position.
C. If a beneficiary of a service retirement allowance under this chapter is at any time in service as an employee in a position covered for retirement purposes under the provisions of this or any chapter other than Chapter 7 (§ 51.1-700 et seq.) of this title, his retirement allowance shall cease while so employed.
D. No person shall be eligible to receive any of the allowances provided in this section if he receives retirement benefits under Chapter 2.1 (§ 51.1-211 et seq.) of this title or under § 51.1-138. No person shall receive any allowance pursuant to subdivision A 1 (i) if he has received an allowance pursuant to subsection B of § 51.1-206 or subsection B of § 51.1-217, unless, after receiving the allowance pursuant to subsection B of § 51.1-206 or subsection B of § 51.1-217, he becomes employed or reemployed as an employee defined in § 51.1-201, and thereafter earns five or more years of creditable service (a) as a member in the retirement system established by this chapter, (b) as a member in the retirement system established by Chapter 2.1 of this title, or (c) while earning the benefits permitted by § 51.1-138.
§ 51.1-210.1. Election of benefits.
All persons who are employees on June 30, 2004, and on July 1, 2004, shall have until October 31, 2004, to make an irrevocable election to be covered by the benefits provided in subdivision A 1 a of § 51.1-206.