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2006 SESSION
HB 419 Retirement System; Board shall pay cash-out amount in direct rollover to an individual plan.
Introduced by: Lacey E. Putney | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Retirement; mandatory cash-outs. Provides that if a member does not elect a direct rollover or direct payment of a mandatory cash-out greater than $1,000, the Board of the Virginia Retirement System shall pay the cash-out amount in a direct rollover to an individual retirement plan designated by the Board.
SUMMARY AS INTRODUCED:
Retirement; mandatory cash-outs. Provides that if a member does not elect a direct rollover or direct payment of a mandatory cash-out, the Board of the Virginia Retirement System shall pay the cash-out amount in a direct rollover to an individual retirement plan designated by the Board.