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2004 SESSION

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SB 157 Retirement System; purchase of prior service credit by certain local govt. chief executive officers.

Introduced by: H. Russell Potts, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Retirement System; purchase of prior service credit. Provides that certain local government chief executive officers may purchase an additional 10 years of retirement service credit for prior service for the Commonwealth or another state (this is in addition to the four years under law that may already be purchased). The cost for each additional year of service shall equal 10 percent of the local government chief executive officer's compensation at the time of purchase, provided that the additional retirement service is purchased within one year of the local government chief executive officer's eligibility and is paid for in one lump-sum payment to the Virginia Retirement System. For each year of service purchased under the bill, the local government chief executive officer is required to serve the same number of years as a local government chief executive officer subsequent to the date of purchase. Any local government chief executive officer who fails to serve the required number of years shall forfeit any credited service for the number of years not served and shall be liable to his governing body for any amount paid by it for purchasing the forfeited prior service credit.


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