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2005 SESSION
SB 785 Retirement System; default payment option.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Retirement System; default payment option for retirement allowances. Provides that the retirement allowance shall be paid as a single life annuity in cases where the member, following reasonable notification, has not selected a payment option for his retirement allowance by the mandatory beginning date for payment of the allowance. A spousal acknowledgement of the payment option and the basic benefit shall not be required in these situations.
SUMMARY AS INTRODUCED:
Virginia Retirement System, default payment option for retirement allowances. Provides that the retirement allowance shall be paid as a single life annuity in cases where the member, following reasonable notification, has not selected a payment option for his retirement allowance by the mandatory beginning date for payment of the allowance. A spousal acknowledgement of the payment option and the basic benefit shall not be required in these situations.