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2006 SESSION

061658232
HOUSE BILL NO. 1556
Offered January 20, 2006
A BILL to amend and reenact § 51.1-141 of the Code of Virginia, relating to the Virginia Retirement System; creditable service.
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Patron-- Bell
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Unanimous consent to introduce
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Referred to Committee on Appropriations
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Be it enacted by the General Assembly of Virginia:

1.  That § 51.1-141 of the Code of Virginia is amended and reenacted as follows:

§ 51.1-141. Service equivalents.

The Board shall determine how much service in any month is the equivalent of a month of service or how much service in any year is the equivalent of a year of service. The Board shall not allow more than one year of service credit for all service rendered in any period of twelve consecutive months, except for an active member who, in addition to his covered position, works at the same time for a covered employer in a position that is less than full-time, provided such additional service is purchased by the employee at an actuarial equivalent cost.