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2004 SESSION

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HJ 34 Retirement System; study & review of benefits of public safety officers injured in line of duty.

Introduced by: Lacey E. Putney | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Study; Virginia Retirement System. Creates a joint legislative subcommittee to study the Virginia Retirement System and benefits for public safety officers who are injured in the line of duty. In conducting its study, the joint subcommittee shall (i) examine the current benefit structure of the Virginia Retirement System; (ii) review matters relating to funding, including amortization schedules, level and adequacy of funded ratios, and blending of contribution rates between and among retirement systems; (iii) make recommendations to improve the Virginia Retirement System; (iv) examine existing Virginia benefits and those provided by other states and the federal government to public safety officers who suffer severe and permanent disabilities as a result of catastrophic personal injuries incurred in the line of duty; and (v) consider such other related matters as the joint subcommittee deems appropriate.

SUMMARY AS PASSED HOUSE:

Study; Virginia Retirement System. Creates a joint legislative subcommittee to study the Virginia Retirement System and benefits for public safety officers under the Virginia Line of Duty Act. In conducting its study, the joint subcommittee shall (i) examine the current benefit structure of the Virginia Retirement System; (ii) review matters relating to funding, including amortization schedules, level and adequacy of funded ratios, and blending of contribution rates between and among retirement systems; (iii) make recommendations to improve the Virginia Retirement System; (iv) examine existing Virginia benefits and those provided by other states and the federal government to public safety officers who suffer severe and permanent disabilities as a result of catastrophic personal injuries incurred in the line of duty; (v) estimate the potential population of public safety officers who would be eligible for such benefits, and determine the feasibility, advisability, and costs of creating a new state benefit within the Virginia Line of Duty Act for such public safety officers; (vi) solicit the participation of representatives of Virginia's public safety community in the conduct of the study; and, (vii) consider such other related matters as the joint subcommittee deems appropriate.

SUMMARY AS INTRODUCED:

Study; Virginia Retirement System. Creates a joint legislative subcommittee to conduct a two-year study of the Virginia Retirement System. In particular, the subcommittee shall examine: (i) the present benefit structure of the Virginia Retirement System; (ii) whether the benefits provided are competitive with other public and private sector entities; and (iii) whether members are prepared for retirement by ensuring that there is a basic understanding of benefits by members for retirement financial planning purposes.