VIRGINIA LAW PORTAL

• Code of Virginia
• Virginia Administrative Code
• Constitution of Virginia
• Charters
• Authorities
• Compacts
• Uncodified Acts
• RIS Users (account required)

SEARCHABLE DATABASES

• Bills & Resolutions
  session legislation
• Bill Summaries
  session summaries
• Reports to the General Assembly
  House and Senate documents
• Legislative Liaisons
  State agency contacts

ACROSS SESSIONS

• Subject Index: Since 1995
• Bills & Resolutions: Since 1994
• Summaries: Since 1994

Developed and maintained by the Division of Legislative Automated Systems.

2005 SESSION

• | print version

HB 1996 Retirement System; increases in benefits.

Introduced by: H. Morgan Griffith | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Retirement System; benefits. Increases monthly retirement benefits of future retirees by increasing the percentage of average final compensation multiplied by the amount of creditable service according to the years of service as follows:

Years of Creditable Service PercentageofAverageFinalCompensation

Less than 25 1.70 percent

25 or more but less than 30 1.80 percent

30 or more but less than 35 1.90 percent

35 or more but less than 40 2.0 percent

40 or more 3.0 percent

Under current law the percentage multiplier is 1.70 percent regardless of years of service. The bill provides a higher percentage multiplier to certain members of the Virginia Law Officers' Retirement System who already have a multiplier of 2.0 percent under current law.

FULL TEXT

• 01/10/05  House: Prefiled & ordered printed; offered 01/12/05 056167308  pdf | impact statement

HISTORY

• 01/10/05  House: Prefiled & ordered printed; offered 01/12/05 056167308
• 01/10/05  House: Referred to Committee on Appropriations
• 01/13/05  House: Assigned to App. sub-committee: Compensation & General ...
• 01/31/05  House: Tabled in Appropriations (19-Y 5-N)