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2015 SESSION

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SB 1173 Virginia Retirement System; revocation of participation by Town of Damascus.

Introduced by: Charles W. Carrico, Sr. (by request) | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

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 HB 1885.


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