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2005 SESSION
053099524Be it enacted by the General Assembly of Virginia:
1. That § 51.1-1403 of the Code of Virginia is amended and reenacted as follows:
§ 51.1-1403. Health insurance credits for retired constitutional officers, employees of constitutional officers, and local social service employees.
A. A local officer, as defined in § 51.1-124.3, or an employee
of a local social services board, retired under the Virginia Retirement System
who rendered at least fifteen 15 years of total creditable
service under the System shall receive a health insurance credit to his monthly
retirement allowance, which shall be applied to reduce the retired member's
health insurance premium cost. The amount of each monthly health insurance
credit payable under this section shall be one dollar and fifty cents
$1.50 for each full year of the retired member's creditable service, not to
exceed a maximum monthly credit of forty-five dollars $45;
however, each former member whose retirement was for disability shall receive a
monthly health insurance credit of forty-five dollars $45.
Eligibility for the credit shall be determined in a manner prescribed by the
Virginia Retirement System. Any member who elects to defer his retirement
pursuant to subsection C of § 51.1-153 shall be entitled to receive the
allowable credit provided by this section on the effective date of his
retirement. The cost of such credit shall be borne by the Commonwealth.
B. In addition to the health insurance credit authorized in
subsection A, localities which participate in the Virginia Retirement System
may elect to provide an additional health insurance credit of one dollar
$1 per month for each full year of the retired member's creditable service,
not to exceed a maximum monthly credit of thirty dollars $30. The
costs of such additional health insurance credit shall be borne by the
locality.
C. 1. Those retired employees who purchase an alternative
personal health insurance policy from a carrier or organization of their own
choosing shall be eligible to receive a credit in the amount specified in
subdivision C. 2. Eligibility for the credit and payment of the credit
shall be determined in a manner prescribed by the Virginia Retirement System.
2. The credit shall be in (i) the amount provided in subsection A, or subsection A and subsection B if the additional credit authorized by subsection B is provided or (ii) the amount of premium paid for the personal health insurance policy, whichever is less.
D. Any person included in the membership of a retirement system provided by Chapter 1 (§ 51.1-124.1 et seq.), 2 (§ 51.1-200et seq.), 2.1 (§ 51.1-211 et seq.), or 3 (§ 51.1-300et seq.) who (i) rendered at least 15 years of total creditable service as a local officer as defined in § 51.1-124.3 or as an employee of a local social services board and (ii) after terminating service as a local officer or employee of a local social services board, was employed by a local government that does not elect to provide a health insurance credit under § 51.1-1402, shall be eligible for the credit provided by subsection A, provided that the retired employee is participating in a health insurance plan. The Commonwealth shall be charged with the credit as provided for in subsection A. In such case, the health insurance credit shall be determined based upon the amount of state service or total service as a local officer or employee of a local social services board, whichever is greater.
DE. The Virginia Retirement System shall (i)
actuarially determine the amount necessary to fund all credits provided under
this section, (ii) reflect the cost of such credits in the applicable employer
contribution rate pursuant to § 51.1-145, and (iii) prescribe such terms and
conditions as are necessary to carry out the provisions of this section. The
costs associated with the administration of the health insurance program
provided for in this section shall be recovered from the health insurance
credit trust fund.