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2005 SESSION

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HB 1920 Retirement System; purchase of prior service for retirement.

Introduced by: M. Kirkland Cox | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Purchase of prior service for retirement. Provides that in a case where an employee is purchasing prior service credit at a cost of 5 percent of current compensation or average final compensation, whichever is greater, if the employee uses pre-tax or post-tax deductions to purchase the service, then the cost of the service shall be 5 percent of current compensation even if this is less than 5 percent of average final compensation.

The bill provides that certain creditable service for which employee and employer contributions have not been made to the Virginia Retirement System because of payroll error shall be purchased by the employer at an actuarial equivalent cost.

The bill clarifies that active duty military service that can be purchased for retirement credit is full-time service of at least 180 consecutive days.


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