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2006 SESSION

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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.


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