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2005 SESSION

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HB 1121 Law Officers' Retirement System; election of benefits by members.

Introduced by: Glenn M. Weatherholtz | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Law Officers' Retirement System. Permits any member of the Virginia Law Officers' Retirement System ("VaLORS") who commenced employment on or after July 1, 2001, and who, within 90 days of such employment, was a (i) State Police Officer or a local law-enforcement officer with similar retirement coverage or (ii) a state law-enforcement officer already covered under VaLORS, to elect to choose between two retirement benefit packages. The choice is between receiving the annual supplemental payment from the date of retirement until age 65, or receiving monthly retirement benefits calculated with a "multiplier" of 2.0 percent rather than 1.7 percent. Under current law, such choice was provided only to members who were employed prior to July 1, 2001, all other members were automatically provided the higher multiplier rather than the supplemental payment.


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