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2006 SESSION

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SB 175 Retirement System; increases the retirement allowances for future state and local retirees.

Introduced by: William C. Wampler, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Retirement System; retirement allowances. Increases the retirement allowances for future state and local retirees of the Virginia Retirement System (VRS), Law Enforcement Officers' Retirement System (LEOs), State Police Officers' Retirement System (SPORS), and the Virginia Law Officers' Retirement System (VaLORS) by gradually increasing, over a six-year period, the percentage of average final compensation that is multiplied by the amount of creditable service (i) from two percent to 2.3 percent for certain members of the Virginia Law Officers' Retirement System who are not eligible for the supplemental allowance and (ii) from 1.7 percent to two percent for all other such state and local employees.

The bill also increases by three percent (phased in over a six-year period) the annual retirement allowance of current retirees of VRS, LEOs, SPORS, and VaLORS.

FULL TEXT

• 01/10/06  Senate: Prefiled and ordered printed; offered 01/11/06 069110836  pdf | impact statement

HISTORY

• 01/10/06  Senate: Prefiled and ordered printed; offered 01/11/06 069110836
• 01/10/06  Senate: Referred to Committee on Finance
• 02/07/06  Senate: Incorporated by Finance (SB393-Stolle) (15-Y 0-N)