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2015 SESSION

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HB 1885 Virginia Retirement System; revocation of participation of political subdivision.

Introduced by: Israel D. O'Quinn | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Virginia Retirement System; Town of Damascus allowed to revoke agreement to contribute to VRS for future creditable service. Allows the Town of Damascus, on the basis that it has not made contributions to VRS for 25 consecutive years, to revoke in writing its agreement to contribute to VRS for creditable service rendered by employees subsequent to the revocation. This is an exception to the general rule that election to participate in the Retirement System is irrevocable. This bill is identical to SB 1173.

SUMMARY AS INTRODUCED:

Virginia Retirement System; revocation of participation of political subdivision. Allows a political subdivision that has not made retirement contributions on behalf of its employees to the Virginia Retirement System for 25 or more consecutive years to revoke its agreement to participate in the Retirement System. This is an exception to the general rule that election to participate in the Retirement System is irrevocable.