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2006 SESSION
HB 431 Virginia Retirement System; increases monthly retirement benefits of future retirees.
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 Percentage of Average Final Compensation
Less than 25 1.70%
25 or more but less than 30 1.80%
30 or more but less than 35 1.90%
35 or more but less than 40 2.0%
40 or more 3.0%
Under current law the percentage multiplier is 1.70% 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% under current law.
FULL TEXT
HISTORY
- 01/06/06 House: Prefiled and ordered printed; offered 01/11/06 064290308
- 01/06/06 House: Referred to Committee on Appropriations
- 01/27/06 House: Assigned App. sub: Compensation and Retirement (Putney)
- 02/15/06 House: Left in Appropriations